YC and Coinbase Launch "Build Onchain" Initiative: Revolutionizing Financial Systems with Code

YC x Coinbase RFS: Build Onchain Initiative Marks New Era in Financial Technology In a significant development, Y Combinator (YC) and Coinbase have launched the "Build Onchain" initiative, marking the beginning of Fintech 3.0, an era where financial systems are built with code. This new era promises to revolutionize the way payments settle globally. According to Harj Taggar, co-founder of YC, "We believe it's time to build onchain. The tools have been maturing over the last decade, but with low-cost chains, globally adopted stablecoins, easy-to-use wallets, and growing consumer adoption, the infrastructure is finally ready." Taggar emphasized that this new era will enable payments to settle instantly, anywhere in the world, 24/7. The "Build Onchain" initiative aims to bring together developers, startups, and established companies to build a new financial system with code. This system will be based on blockchain technology, which enables secure, transparent, and decentralized transactions. Fintech 3.0 marks a significant shift from the previous eras of Fintech. Fintech 1.0 was driven by companies like PayPal, which digitized finance in the 1990s by making online payments possible. Fintech 2.0, led by companies like Stripe, Plaid, Brex, and Chime, involved building APIs on top of the existing financial system. "We're at the beginning of a new era in financial technology," said Jesse Pollak, co-founder of Coinbase. "The infrastructure is finally ready for us to build a new financial system with code." The implications of Fintech 3.0 are far-reaching and have significant potential to impact society. With onchain payments, individuals will be able to send money instantly, without the need for intermediaries like banks. This could lead to increased financial inclusion, particularly in underserved communities. However, experts caution that this new era also raises concerns about regulatory frameworks, security, and scalability. "The key challenge is ensuring that these new systems are secure, compliant with regulations, and scalable," said Dr. Rachel Kyte, a leading expert on blockchain technology. As the "Build Onchain" initiative gains momentum, it will be interesting to see how this new era of financial technology unfolds. With YC's backing and Coinbase's expertise, this initiative has the potential to revolutionize the way we think about money and payments. Background: Y Combinator is a well-known startup accelerator that has backed companies like Airbnb, Dropbox, and Reddit. Coinbase is a leading cryptocurrency exchange that has been at the forefront of blockchain technology adoption. Additional Perspectives: Experts predict that Fintech 3.0 will lead to increased innovation in areas such as cross-border payments, remittances, and digital identity verification. Current Status and Next Developments: The "Build Onchain" initiative is currently accepting applications from developers and startups interested in building onchain solutions. The next development phase involves the launch of a new incubator program, which will provide funding and resources to selected projects. As Fintech 3.0 continues to evolve, one thing is clear – the future of financial technology has never looked brighter. *Reporting by Ycombinator.*