Y Combinator (YC) announced the opening of a branch in China, and its new leader is convinced of the great future blockchain technology.
A well-known investment company of the Silicon Valley, Y Combinator, in the incubator of which such projects as Reddit, Dropbox and cryptocurrency exchange Coinbase originated, officially announced the opening of a branch in China and the appointment of Li Chi, the head of the unit, who previously served as the operating director of Baidu .
In an interview with the local edition of 36Kr, Lee said that the main goal of YC in China is to create an incubator for startups, develop talent and research technology, and establish a charitable research laboratory.
According to the head of the Chinese division of YC, the key properties of the blockchain are digitalization of trust and data encryption, and they have long-term business potential, especially from the point of view of creating different mechanisms of motivation:
“AT PRESENT TIME, MOTIVATION ON THE MARKET USUALLY HAS FINANCIAL JUSTIFICATION: ATTRACTING CAPITAL AND EXECUTION OF DEBT OBLIGATIONS, BUT BLOCKCHAIN TECHNOLOGY CAN TRANSFORM LONG-TERM MOTIVATION MECHANISM … BLOCKCHAIN DECREASES FINANCIAL GROWTH FOR THE FUTURE ENTREPRENEURS …”
Y C is already actively exploring the possibilities of cryptocurrency: in addition to Coinbase, the company invested in a startup CoinTracker, which attracted $ 1.5 million of initial capital in April.
During the event last September, President YC Sam Altman called the ICO market “a bubble,” but stressed the importance of introducing a detachment to “democratize access” to investment.
Therefore, most likely, the interest head of the Chinese branch to the blockchain will also make itself felt. Recall that even the Federal Scientific Association of the country, the Chinese Academy of Sciences, has launched a research laboratory for research on blockchain technologies.