Cashing Out

Overview

On the TRIP protocol, drivers earn in US dollar stablecoin (USD Coin). Riders, drivers and inviters also earn TRIP Miles which can be redeemed for TRIP Rewards in the app.

Both driver earnings and TRIP Rewards are held in your Teleport wallet. There are two ways to cash out your earnings or access your TRIP Rewards. This guide will walk you through how to use both options:

  1. Cash out your driver earnings directly to your bank account.

  2. Transfer your driver earnings or TRIP Rewards to a third party wallet.

Cash out directly to your bank account

The simplest way to cash out your driver earnings is by transferring to your bank account.

In the Teleport app:

  1. In the bottom right corner, tap Profile.

  2. In the top right corner, tap the green button displaying your earnings.

  3. Tap Cash Out.

  4. Select Bank Transfer.

  5. Provide some additional information to connect your bank account.

  6. Back in the Teleport app, tap Instant or Standard.

    • Instant takes a few minutes for your earnings to land in your bank account. This option has a 2% fee (with a minimum fee of $2).

    • Standard takes 1-3 business days for your earnings to land in your bank account. This option is free.

  7. Tap Transfer.

That's it! Your earnings are on the way.

Transfer to a third party wallet

To access your driver earnings or TRIP Rewards in a third party wallet, you need two things:

  1. A free Solana wallet (like Phantom, Solflare or Backpack).

  2. A free account on an exchange (like Coinbase).

The wallet allows you to send your USDC to the exchange.

The exchange allows you to access your USDC to use, trade, or convert it to cash.

In this section, you'll learn how to set both of these up and access your earnings.

Creating your third party wallet

If you have an existing third party wallet with Solana support, you can use that.

To get your private key from the Teleport app:

  1. Go to the Profile tab and select the green wallet pill on the top right

  2. Tap on Cash Out button

  3. Select the Connect Wallet option

  4. Tap View Secret Phrase

  5. Copy the seed phrase to clipboard

To connect to another Solana wallet:

  1. Download the Phantom, Solflare or Backpack app

  2. In all of these apps you will have the ability to Import Wallet. It should ask for a recovery phrase.

  3. Copy and paste your secret phrase. The secret phrase is the same thing as the recovery phrase.

  4. Once you confirm. If it says No Active Wallets Found, tap Quick setup to continue.

  5. Follow the rest of the onboarding steps (creating a passcode, etc). You should now see your earnings in your new Solana wallet.

Here are some of their guides to help you: Phantom, Solflare, and Backpack.

Creating your exchange account

If you have an existing exchange account, you can use that.

If you don't, we recommend Coinbase for your exchange.

To create your Coinbase account:

  1. Download the Coinbase iOS app (click here).

  2. In the app, follow the onboarding steps to create a free account.

Coinbase requires the following to create an account:

  • Be at least 18 years old.

  • A passport, medicare card, or driver's license.

  • A computer or smartphone connected to the internet.

  • A phone number connected to your smartphone (we'll send SMS text messages).

  • The latest version of the Coinbase app.

When prompted to add your bank account, go ahead and add that now.

That way, you won’t have to add it if you want to cash out with this method later.

Transfer your earnings to your exchange account

With your third party wallet and exchange accounts created, you're almost finished.

To transfer your earnings from your third party wallet to your exchange account:

  1. Within the Coinbase app, click Send & Receive. Then click Receive.

  2. Select USD Coin at the top. Switch the Network to Solana.

  3. Copy the USDC wallet address shown to your clipboard.

  4. Now back in your Solana wallet, click into your USDC balance, click Send.

  5. Paste the USDC wallet address you copied from Coinbase here.

  6. Select USDC to send. Enter the amount to send. Confirm send.

Now you can use, trade, or even cash out your USDC from Coinbase.

To cash out, back in the Coinbase app, simply click Cash Out to withdraw your earnings to your linked bank account.

Feedback

You're encouraged to help improve the quality of this guide.

Please contribute if you see any typos or factual errors. To get started, you can read our Contributing to TRIP section.

You may also find incomplete content or stuff that is not up to date. Please do add any missing content by creating a free account in GitBook. Check the TRIP Guides Guidelines for style and conventions.

If for whatever reason you spot something to improve but cannot do it yourself, please open an issue.

And last but not least, any kind of discussion regarding TRIP documentation is very welcome in the official TRIP Community on Telegram.

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