Y Combinator’s New China Chief Is Bullish on Blockchain
Y Combinator (YC) has just announced a new business in China, and its supervisor has reported that the Blank chain will bring long-term benefits to venture companies
Silicon Valley-based seed investment company, which created a notable start-up, including Reddit, Dropbox and Crypto Exchange Coinbase, announced Wednesday that it has entered the Chinese market in a blog post. Lu Qi – Baidu's former chief operating officer – will be in charge of the new arm.
In an interview with the local media, Lu, 36, Lu commented that YC China's main goal will focus on incubation, talent training and research and development, and the creation of a nonprofit research laboratory.
Lu also discussed block chaining, believing that the key function of digitizing data encryption and trust has long-term business potential.
He added that the technology is particularly exciting to offer various types of incentives.
"The incentives already in place in the market today are financially like stocks and bonds, but block-chain technology can revolutionize long-term incentive mechanisms"
"Blockchain technology will lower the limits of entrepreneurship in the [the above] region."
Although it is not yet clear how YC China will focus on the block chain technology and related start-ups, accelerators have already been active in the space. YC supported a cryptographic investment management system called CoinTracker, which raised $ 1.5 million in the seed financing round in April, as reported to CoinDesk.
In a September start-up event, YC President Sam Altman dropped the initial coin-offering market into a "bubble," but doubled the company's commitment to integrate the block chain as a means of "giving access" to investments .
Lu image via YouTube
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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