Y Combinator (YC) has just announced a new division in China and its leader believes that blockchain will bring long-term benefits to startups, according to a report
The seed investment company based in Silicon Valley, which has incubated major startups including Reddit, Dropbox and Crypto exchange Coinbase, has officially announced its entry into the Chinese market in a blog post on Wednesday along with news that Lu Qi – a former Baidu operational director – will be responsible for the new arm.
In an interview with the local media 36Kr, Lu commented today that the main goal of YC China will be to focus on the incubation of startups, talent training, research and development, as well as the creation of a non-profit research laboratory
. , saying that he believes that his core characteristics of data encryption and trust digitization means having long-term potential in the business world.
He added that technology is particularly interesting for the provision of different types of incentives.
"At present, the incentives already on the market are usually financial, such as stocks and bonds, but blockchain technology can bring innovation to the long-term incentive mechanism," he said, adding:
"Blockchain technology will reduce the threshold for entrepreneurship in the areas [the above]. "
Although it is not yet clear how much attention will be placed on YC China blockchain technology and related start-ups, the accelerator has already been active in space . In addition to incubating Coinbase, YC also supported an encrypted investment management startup called CoinTracker, which raised $ 1.5 million in a seed funding round in April, as reported by CoinDesk.
In a kick-off event last September, YC president Sam Altman called off the initial money offerings as a "bubble", but doubled the company's commitment to integrate the blockchain as a way to "democratize access" to investments.
Lu image via YouTube