Y Combinator (YC) has announced a Fresh China Branch and its Primary Considers blockchain will Deliver long-term Benefits into startups, according to a report
The Silicon Valley-established seed investment company, that includes incubated notable startups such as Reddit, Dropbox and crypto market Coinbase, formally announced its entrance to the Chinese marketplace in a blog post on Wednesday alongside information which Lu Qi — a former chief operating officer of Baidu — will be responsible for their new arm.
In a meeting with local media outlet 36Kr, Lu commented now that YC China’s most important goal is to concentrate on startup incubation, ability training and development and research, and the introduction of a non-profit research laboratory.
Lu additionally discussed blockchain, stating he considers its core characteristics of data encryption and digitization of hope imply it’s long term possibility in business.
He added that the tech is particularly interesting because of its supply of different kinds of incentives.
“At present, the incentives already in the market are usually financial, such as equity and bonds, but blockchain technology may bring innovation in the long-term incentive mechanism,” he explained, including:-LRB-***********)
Although it is not yet clear just how much a focus YC China will take on blockchain technologies and associated startups, the accelerator has been busy in the area. In addition to incubating Coinbase, YC additionally endorsed a crypto investment direction startup named CoinTracker that increased $1.5 million into a seed financing around in April, as reported by CoinDesk.
In a startup occasion last September, YC president Sam Altman called out the first coin offering marketplace as being at a “bubble,” but dropped down to the company’s commitment to incorporating blockchain for a means to “democratize access” into investing.
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