$9M is raised by a Solana-based protocol that aims to decentralize ride-sharing.

According to the Decentralized Engineering Corporation (DEC), the organization behind the Solana-based protocol TRIP that enables mobility-based applications, the ride-sharing sector is ready for another paradigm shift as Web3 protocols allow new businesses and drivers to bid for rides using a matching algorithm.

According to DEC, businesses and passengers can work together and compete in a shared marketplace on the TRIP platform. A share in the protocol’s governance is given to the most active members as well as drivers and customers.

Teleport, a decentralized ride-sharing software that will be introduced in December and controlled by parent company DEC, is scheduled to be the first business to use TRIP. On October 27, DEC revealed a $9 million seed round that was jointly led by Road Capital and Foundation Capital.

According to DEC CEO and co-founder of Teleport Paul Bohm, will compete to displace “closed platforms governed by corporate monopolies with decentralized protocols that are open source, competitive, and fair for everyone.”

According to Bohm, the extra money will be utilized to “launch TRIP permanently in particular cities.” Additionally, it will assist the business in reaching its decentralization milestone.

Riders using the TRIP ecosystem will be able to pay with USD Coin USDC tickers down $1.00 on Solana and fiat currencies via Apple Pay thanks to a blockchain-based solution, while drivers will be able to accept the stablecoin as payment directly into their bank accounts or have it deposited into their wallets.

According to Ryan McKillen, a former Uber employee and one of the investors that joined the seed round, “Teleport is doing what we couldn’t build at Uber in 2010, and what Uber should be building today.” Thursday Ventures, 6th Man Ventures, 305 Ventures, and Common Metal were additional investors.