Hyperloop Transportation wins China contract, StartEngine accepting bitcoin; HyreCar partners with dealerships

L.A. Hyperloop Outfit Wins China Contract

Hyperloop Transportation Technologies, a Culver City firm, signed a deal with China to create a high-speed hyperloop track in the Guiyang Economic and Technological Development Zone, located in the mountains of China’s Guizhou province. Engadget reports the hyperloop tube will initially cover roughly 6.2 miles and appears to be just a test, with “no indication if the line will connect two significant landmarks or areas.” HTT has said it intends to use the route for commercial purposes.

StartEngine Allows Bitcoin

Santa Monica’s StartEngine Crowdfunding Inc. will now accept bitcoin as a form of payment for crowdfunding campaigns it runs. The company, built to help startups raise funds, will use the new SEC crowdfunding rules to allow investors to make bitcoin donations to any company on its portal. Socaltech reports that prior to the update, investors could only invest bitcoin in a company that was directly using it in its financing efforts.

HyreCar Opens Car Sharing to Dealerships

On July 17, HyreCar Inc., a downtown-based car-sharing platform announced a partnership with DriveItAway.com Inc., a used vehicle auction platform based in Cambridge, Mass. The collaboration is designed to allow independent car dealerships in 34 states and Washington, D.C. to list their vehicles on the HyreCar platform. HyreCar was relying individuals listing their own cars on the site until this new partnership, which allows HyreCar to widen its inventory. The Business Journal reports this allows DriveItAway.com’s dealers to participate in the rental car market and connect with potential car buyers.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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