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9M raised by Solana-based protocol to decentralize ridesharing According to the Decentralized Engineering Corporation, (DEC), the company behind TRIP, a Solana-based protocol that allows mobility-based applications, the ride-sharing industry is set for a paradigm shift. Web3 protocols will allow new companies and drivers to compete for rides using a matching algorithm. DEC states that riders and companies can join forces on the TRIP platform to compete in a common marketplace. It also gives customers and drivers a stake in the governance of the protocol, which rewards active participants. Teleport is the first service to go live on TRIP. It’s a decentralized ride-sharing app that will be launched by parent company DEC in December. Paul Bohm, CEO of DEC and Teleport cofounder, said that Web3 technology will compete with “closed platforms run corporate monopolies” to be replaced by decentralized protocols that can be open source, competitive and fair for all. Bohm said that additional funding would be used to “launch TRIP permanent in certain cities.” It will also assist the company with its decentralization milestone. TRIP riders can use a blockchain-based payment system to pay USD Coin ( USDC). Solana, fiat currencies, and USD Coin on Solana. Drivers will be able accept the stablecoin directly to their bank accounts, or have it deposited into a wallet. “By making ride-sharing a protocol, Teleport builds what Uber couldn’t build in 2010 and what Uber should be building now,” Ryan McKillen, an ex-Uber employee who was one of the investors that joined the seed round, said. Thursday Ventures was joined by 6th Man Ventures (6th Man Ventures), 305 Ventures, and Common Metal as additional investors. Similar: HTML3 is the solution for Uber’s problem regarding hackers According to Precedence Research, the market for ride-sharing will grow to $344.4 million by 2030. Statista data shows Uber is the most used ride-sharing app worldwide, with 93,000,000 people using it on a monthly basis.

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Official data confirms US recession with Bitcoin price falling to $19K Bitcoin ( BitcoinTC), wobbled in its narrow trading range on Sept. 29, Wall Street Open, as official data placed the United States economy into recession. BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView The U.S. meets the technical definition of recession Data from Cointelegraph Markets Pro, and tradingView show that BTC/USD hovered just above $19,000 as of the writing. The pair survived the gloomy statistics for the United States with the second quarter gross national product (GDP), growth of -0.6%. Despite protestations from the White House, this meant that the U.S. had met the standard criteria of recession, with two consecutive quarters without growth. “Everyone talks as though recessions should never happen,” financial commentary resource The Kobeissi Letter responded.
“A healthy economy will experience many recessions over the long-term. A bubble is one that does not experience a recession. This is a case of a bubble and recession. Fake markets are not real.
Analyzing the European situation, Robin Brooks (chief economist at IIF), warned about a “deep” economic recession. This was based on consumer confidence data. “With the second quarter GDP revision negative the White House stated that this isn’t the definition of recession,” popular Twitter account Unusual whales continued on the confusion about what constitutes a slump which started earlier in the year.
They advocate for NBER’s which is “a significant decline of economic activity spread across all sectors of the economy lasting longer than a few weeks.”
This event occurs after the Bank of England intervenes abruptly in the United Kingdom’s bond market. They then return to quantitative easing (QE), in a move that is reminiscent of the atmosphere during Bitcoin’s birth. $19,000 seems unstable However, the Bitcoin price action managed to avoid significant volatility even though the monthly close was just one day away. Similar: Bitcoin’s ‘great detox’ could cause a drop in the price to $12K. BTC/USD was trying to break $19,000 support at the time of writing. Although the -0.6% GDP result was better that the forecasted -0.9%, Material Indicators, an on-chain analytics resource, had little to celebrate. Material Indicators shared a screenshot from the Binance BTC/USD order books and warned that the market bottom was not in. Strong economic report indicates that FED tightening is not having much, if any, impact. Translation: More aggressive rate increases through Q4 and into 2023,” it predicted as part of the accompanying comments. BTC/USD order book data (Binance) chart. Source: Material Indicators/ Twitter These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

Bitcoin (BTC) wobbled in its narrow trading range at the Sept. 29 Wall Street open as...