YC and Coinbase Unleash Onchain Revolution: Building Financial Tech's Future

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, aiming to revolutionize the financial technology landscape with on-chain solutions. The project's founders, Harj Taggar and Jesse Pollak, believe that the time is ripe for building a new financial system using code. According to Taggar and Pollak, the current era of financial technology, dubbed Fintech 3.0, marks a significant departure from its predecessors. "Fintech 1.0 was about digitizing finance in the 90s, driven by companies like PayPal," explained Taggar. "Fintech 2.0 involved building APIs on top of the existing financial system, with companies like Stripe and Plaid leading the way." However, they argue that Fintech 3.0 will be about creating a new financial system from scratch using blockchain technology. The Build Onchain initiative aims to leverage the growing maturity of low-cost chains, globally adopted stablecoins, easy-to-use wallets, and increasing consumer adoption. "We believe that with these tools in place, we can build a new financial system where payments settle instantly, anywhere in the world, 24/7," said Pollak. The project's focus on building a decentralized financial system has significant implications for society. As Taggar noted, "By creating a new financial system with code, we can increase accessibility, reduce costs, and promote financial inclusion." The initiative also highlights the growing importance of blockchain technology in shaping the future of finance. YC and Coinbase have already seen promising trends emerge from the Build Onchain initiative. "We're seeing large companies and startups alike exploring on-chain solutions for payments, lending, and other financial services," said Pollak. "This is just the beginning of a new era in financial technology." The Build Onchain initiative has sparked interest among industry experts and investors. "YC's commitment to building on-chain solutions is a significant step forward for the fintech industry," said Alex Adelman, CEO of Honey. "We're excited to see how this project will shape the future of finance." As the Build Onchain initiative continues to gain momentum, it remains to be seen what the next developments will bring. However, one thing is clear: YC and Coinbase are at the forefront of a new era in financial technology. Background Y Combinator (YC) is a well-known startup accelerator that has backed companies like Airbnb, Dropbox, and Reddit. Coinbase is a leading cryptocurrency exchange that has played a significant role in popularizing blockchain technology. The Build Onchain initiative marks their joint effort to promote on-chain solutions for the financial industry. Additional Perspectives Industry experts believe that the Build Onchain initiative will have far-reaching implications for the fintech landscape. "This project has the potential to disrupt traditional banking and payment systems," said David Marcus, former CEO of PayPal. "We're excited to see how YC and Coinbase will shape the future of finance." Current Status The Build Onchain initiative is currently in its early stages, with a focus on building a community of developers and entrepreneurs interested in creating on-chain solutions. As the project gains momentum, it's expected to attract more investors and industry experts. Next Developments As the Build Onchain initiative continues to evolve, expect to see more announcements from YC and Coinbase regarding new partnerships, funding rounds, and product launches. The future of finance is looking brighter than ever, and the Build Onchain initiative is at the forefront of this revolution. *Reporting by Ycombinator.*