Solana-based ridesharing app Teleport shuts down due to lack of market readiness for decentralized ridesharing

Teleport, a ridesharing app based on Solana, has announced its closure due to a lack of market readiness for decentralized ridesharing. The company, which aimed to compete with Uber and Lyft, raised $9 million in October 2022 and publicly launched in June. Teleport differentiated its model from Uber by taking a 15% cut on each ride, while drivers could choose between accepting USDC or fiat through Apple Pay. The company will support users to off-ramp their USD Coin balances and private keys until Feb. 28.