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DEC raises $9 million in seed funding to create a decentralized competitor to Uber

DEC raises $9 million in seed funding to create a decentralized competitor to Uber

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Answer DEC raises $9 million in seed funding to create a decentralized competitor to Uber

Decentralized Engineering Corporation (DEC) has raised an initial investment of $9 million to create a decentralized competitor to Uber on the Solana blockchain.

According to speak(DEC) said it has raised $9 million in seed money to develop the Rideshare Protocol, or TRIP, which aims to support ride-sharing apps from a variety of companies.

Paul Bohm, CEO of DEC and founder of Teleport, highlighted that although Uber is built on a centralized platform that connects drivers with riders, TRIP aims to be a decentralized protocol that app developers can use as a marketplace to connect drivers and riders.

Bohm believes this will boost collaboration and competition, drawing consumers away from the giant business models of Uber and Lyft while driving companies to develop to create the best software imaginable around a common market.

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Capital and Road Capital jointly led the initial round, which also included 6th Man Ventures, 305 Ventures and Common Metal.

DEC will use the money to fuel its spread in the coming months with support for Teleport and TRIP at Solana shows in Lisbon in November and Miami in December.

Bohm estimated that the project would be fully operational within 6 to 9 months as DEC seeks to test the model.

Partnership with Solana Network:

Solana was founded in 2017 as a fully open source public blockchain with the goal of providing scalable decentralized finance (DeFi) solutions.

In 2021, the Solana Foundation teamed up with ROK Capital, a South Korean blockchain accelerator, to launch a $20 million fund to develop the Solana ecosystem in South Korea.

Phantom, Solana’s bitcoin wallet, received a $109 million Series B investment in early 2022.

In the same vein, more than 81% of the Helium Foundation agreed to migrate their decentralized network to the Solana blockchain after a successful community vote.

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