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HBSS Connect Acquires Blockchain Startup Colu from Investing.com
Massachusetts-based HBSS Connect has acquired Israeli blockchain startup Colu, Investing.com has learned.
The acquisition creates new opportunities to connect the traditional transportation market with a rapidly expanding blockchain-based payment system. HBSS Connect is the company behind the QRyde transportation platform,
Colu has been an active player in the blockchain space since 2014. The company’s digital wallet app was launched in early 2017 and is now operational in cities such as Tel Aviv, Haifa, East London and Liverpool, serving over 200,000 users and supporting transactions at 2,000 local businesses.
The blockchain startup has already raised significant investment from companies such as IDB Development Corporation and Aleph, and its blockchain technology has attracted attention around the world.
The merger with HBSS Connect Corp will help accelerate the development and deployment of these technologies on a global scale.
For its part, the acquisition is intended to support QRyde’s efforts to create a blockchain-based transportation system with more efficient municipal government spending. HBSS Connect will leverage web3 technology to integrate transportation systems with local economies.
QRyde’s platform, which serves more than 250 customers in 35 states and more than 9,700 cities, focuses on connecting people to essential services.
HBSS CEO Himanshu Bhatnagar described his company’s investment in Colu as the first step in what will be a long discovery process, but one that he expects will soon bear fruit.
He added: “We are delighted to have Colu join our QRyde team. Colu is the perfect partner to help us realize our vision of using blockchain in the mobility space, to enter the urban renewal and smart city space, making the transportation ecosystem trustworthy and more accessible to all citizens, not just the elderly and those with mobility issues.”
Bhatnagar founded QRyde as a shared ride planning platform to offer ride booking, cost sharing and deal management services to educational institutions, healthcare companies and public transport agencies across the country.
QRyde, which operates under its parent company HBSS Connect, uses technologies such as mobile scheduling, automated dispatch and AI-powered route optimization to help these organizations deliver services more efficiently and cost-effectively.
“By combining Colu’s vision of thriving cities with QRyde’s advanced transportation platform, we can now better serve underpaid communities by transporting them to job centers and shopping areas,” said Ortal Tevel, CEO of Colu.
Colu has extensive experience implementing digital rewards programs to engage residents and strengthen local economies. The company has worked with municipalities across the United States, including Akron, Boston, Houston, and Saline County.
By partnering with QRyde, Colu will expand its program to include a variety of essential services.