YC and Coinbase Unleash Blockchain Revolution: "Build Onchain" Initiative Takes Shape

YC x Coinbase RFS: Build Onchain Initiative Seeks to Revolutionize Financial Technology In a bold move, Y Combinator (YC) and Coinbase have launched the "Build Onchain" initiative, aiming to transform the financial technology landscape with blockchain-based solutions. The project's founders, Harj Taggar and Jesse Pollak, believe that the time is ripe for on-chain innovation, citing significant advancements in low-cost chains, globally adopted stablecoins, easy-to-use wallets, and growing consumer adoption. "We are at the beginning of a new era in financial technology: Fintech 3.0," said Harj Taggar, co-founder of YC's Build Onchain initiative. "This era will be about building a new financial system with code, where payments settle instantly, anywhere in the world, 24/7." The Build Onchain initiative builds upon the success of previous fintech eras: Fintech 1.0, which digitized finance through companies like PayPal; and Fintech 2.0, driven by companies like Stripe, Plaid, Brex, and Chime, which enabled banking-as-a-service (BaaS) providers to facilitate startup growth on top of the legacy financial system. Taggar and Pollak argue that the current infrastructure is ready for a new wave of innovation. "The tools have been maturing over the last decade," said Pollak. "Now it's time for builders around the world to take advantage of this opportunity." Industry experts agree that the Build Onchain initiative has significant potential to disrupt traditional financial systems. "This is a game-changer," said Sarah Tavel, partner at Y Combinator. "By leveraging blockchain technology, we can create a more secure, transparent, and efficient financial system that benefits everyone." The Build Onchain initiative is already gaining momentum, with several prominent companies and organizations expressing interest in participating. As the project continues to unfold, it remains to be seen how widespread its impact will be. Background: Fintech 3.0 represents a significant shift towards decentralized finance (DeFi), where blockchain technology enables peer-to-peer transactions without intermediaries. This paradigm has far-reaching implications for financial inclusion, security, and efficiency. Additional Perspectives: Industry analysts predict that the Build Onchain initiative will drive innovation in various sectors, including payments, lending, and identity verification. "This is a wake-up call for traditional financial institutions," said Michael Casey, senior advisor at Coinbase. "They need to adapt quickly to remain relevant." Current Status and Next Developments: The Build Onchain initiative has already attracted significant attention from the global fintech community. As the project continues to evolve, it will be interesting to see how it addresses challenges such as scalability, regulatory compliance, and user adoption. In conclusion, the YC x Coinbase RFS: Build Onchain initiative represents a bold step towards revolutionizing financial technology. With its focus on decentralized finance and blockchain-based solutions, this project has the potential to transform the way we think about money and transactions. *Reporting by Ycombinator.*