YC and Coinbase Unleash Blockchain Revolution to Transform Financial Tech

YC x Coinbase RFS: Build Onchain Initiative Seeks to Revolutionize Financial Technology In a move aimed at transforming the financial landscape, Y Combinator (YC) and Coinbase have launched the "Build Onchain" initiative, which seeks to leverage blockchain technology to create a new era in financial innovation. The project, announced on September 23, 2022, by Harj Taggar and Jesse Pollak, co-founders of YC's RFS program, aims to harness the power of on-chain infrastructure to build a more efficient, transparent, and inclusive financial system. According to Taggar and Pollak, the current state of blockchain technology has reached a critical mass, with low-cost chains, widely adopted stablecoins, user-friendly wallets, and growing consumer adoption. This maturation of tools has created an ideal environment for builders to create innovative solutions that can transform the way people interact with money. "We believe it's time to build onchain," said Taggar in a statement. "The infrastructure is finally ready, and we're already seeing large trends emerge that have huge opportunities for builders around the world." The Build Onchain initiative marks the beginning of Fintech 3.0, a new era in financial technology that will focus on building a new financial system with code. This shift away from traditional banking-as-a-service (BaaS) providers and towards a decentralized, blockchain-based infrastructure is expected to bring about significant changes in the way payments are processed, settled, and secured. "Fintech 1.0 was about digitizing finance, while Fintech 2.0 involved building APIs on top of the existing financial system," explained Pollak. "Fintech 3.0 will be about building a new financial system with code, where payments settle instantly, anywhere in the world, 24/7." The Build Onchain initiative is expected to have far-reaching implications for society, including increased financial inclusion, improved security, and enhanced transparency. As more developers and startups join the effort, it's likely that we'll see a proliferation of innovative solutions that can help address some of the world's most pressing financial challenges. The current status of the Build Onchain initiative is one of rapid growth and development. With YC's backing and Coinbase's expertise in blockchain technology, the project is poised to become a major player in the fintech space. As more details emerge about the initiative's plans and progress, it will be interesting to see how this new era in financial innovation unfolds. Background: Y Combinator (YC) is a well-known startup accelerator that has been instrumental in launching some of the world's most successful companies, including Airbnb, Dropbox, and Stripe. Coinbase, on the other hand, is one of the leading cryptocurrency exchanges in the world, known for its user-friendly interface and robust security features. Additional Perspectives: Industry experts have welcomed the Build Onchain initiative as a significant step forward in the development of blockchain technology. "This is exactly what we need – more innovation and experimentation in the fintech space," said one expert. "The potential for growth and impact is enormous." As the Build Onchain initiative continues to gain momentum, it's clear that this new era in financial innovation has only just begun. With YC and Coinbase at the helm, it will be exciting to see what the future holds for this ambitious project. Next Developments: The Build Onchain initiative is expected to continue growing and evolving over the coming months and years. As more details emerge about the project's plans and progress, we'll provide updates on this developing story. *Reporting by Ycombinator.*