Solana-based protocol seeking to decentralize ride-sharing raises $9M


TRIP protocol allows drivers and ride-sharing companies to compete for riders, as blockchain enables disruption in existing markets. 


The ride-sharing industry is poised for another paradigm shift, with Web3 protocols allowing new companies and drivers to bid for rides using a matching algorithm, according to the Decentralized Engineering Corporation (DEC) — the company behind the Solana-based protocol TRIP that enables mobility-based applications.


According to DEC, on the TRIP platform, companies and riders can collaborate and compete in a shared marketplace. The protocol also rewards the most active participants with a stake in its governance for both drivers and customers.


The first service set to operate on TRIP is Teleport, a decentralized ride-sharing application planned to be launched in December and run by parent company DEC. On Oct. 27, DEC announced a $9 million seed round co-led by Foundation Capital and Road Capital. 


DEC CEO and Teleport co-founder Paul Bohm told Cointelegraph that Web3 technology, including TRIP, will compete to replace “closed platforms run by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone."

Bohm stated that the additional funding will be used to “launch TRIP permanently in specific cities.” It will also help the company achieve its decentralization milestone.


Source : by Cointelegraph By Ana Paula Pereira - October 28, 2022 logo


240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata ICO Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma


The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested.

Automata ICO Limited, a Company incorporated in Ireland with its registered office at 3rd Floor Ormond Building, 31-36 Ormond Quay Upper, Dublin 7, D07 Ee37, Ireland registered in Ireland under number 690280 has applied for a Virtual Asset Service Provider registration with the Central Bank of Ireland. Whilst the application is ongoing, we are permitted to continue business as a Virtual Asset Service Provider in line with the Central Bank of Ireland's regulatory disclosure statement as required under section 106L of the CJA 2010 in relation to registered VASPS.

Automata ICO Limited, a Permanent Establishment incorporated in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.