The former COO of Chinese Baidu and blockchain bull Qi Lu joined Y Combinator (YC) to manage the new Chinese division, according to a blog post on August 14th.
Y Combinator – the leading Silicon Valley based business accelerator that has funded startups like Dropbox, Airbnb, Coinbase, Reddit, has announced that it has officially entered the Chinese market, launching a new division of the company.
announced that the new division will be launched and managed by former Baidu Qi manager. In the announcement, YC president Sam Altman said he expects Qi to "build a long-term local organization that combines the best of Silicon Valley and China and creates a lot of innovation." Altman added:
"Qi embodies all these values, and China has been an important missing piece of our enigma: entrepreneurial energy and talent have incredible strength."
In a & # 39; interview published today, August 15, in the local media 36Kr, Qi has revealed to be "Optimistic about the technology blockchain", noting among its benefits the protection of privacy and data integrity. Qi also stresses that "blockchain technology can bring innovation into the long-term incentive mechanism."
As Cointelegraph reported in April of this year, Baidu launched a blockchain-based image rights platform called Totem.
Earlier, this winter, China's largest online retailer, JD.com revealed its plans to launch a startup blockchain incubator "to build new businesses and create and test real-world applications of their technologies on large scale."