Teleport Fails to Take Off, Announces Shutdown

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Solana Rideshare Teleport Fails to Take Off, Announces Shutdown

Written by Aaron S.,

Editor-In-Chief

Last Updated: January 31, 2025

Key Takeaways

Teleport shut down due to low demand for decentralized ridesharing and a lack of market readiness;
The Solana-based startup raised $9 million but failed to compete with traditional ride-hailing services;
Users have until February 28 to withdraw USDC and private keys before operations fully close.

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Solana Rideshare Teleport Fails to Take Off, Announces Shutdown

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Teleport, a ridesharing app built on the Solana SOL $131.33 network, has announced that it is shutting down.

The company cited a lack of market readiness for decentralized ridesharing as the reason for its closure.

The announcement was shared in a post on X and the company’s website on January 30. The statement read, “This is not the outcome we had hoped for. We’re sorry we didn’t find a way to make this business work!”

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Founder Paul Bohm reflected on the experience, calling it “the hardest thing I’ve ever tried doing”.

Teleport engineer Chase also shared on X that the market is not ready for a decentralized rideshare model. He described the decision to close as difficult but necessary.

Teleport, launched to the public in June 2022, was built as the mobile client for the TRIP Rideshare Protocol, managed by the Decentralized Engineering Corporation.

The startup had raised $9 million in October 2022. It aimed to compete with traditional rideshare services by offering lower service fees—taking a 15% cut per ride. Drivers could also choose to receive payments in USD Coin USDC $1.00 or fiat through Apple Pay.

The company has stated that it will provide a more detailed explanation of its closure. In the meantime, it is focusing on winding down operations and ensuring users can withdraw their USDC balances and private keys before the February 28 deadline.

Meanwhile, Pump.fun, a platform for creating memecoins on Solana, was recently sued in a New York federal court. What were the allegations? Read the full story.