Y Combinator (YC) has just announced a new China division and its chief believes blockchain will bring long-term advantages to startups, according to a report The Silicon Valley-based seed investment firm, which has incubated notable startups including Reddit, Dropbox and crypto exchange Coinbase, officially announced its entry into the Chinese market in a blog post on Wednesday alongside news that Lu Qi – a former chief operating officer of Baidu – will be in charge of the new arm. In an interview with local media outlet 36Kr, Lu commented today that YC China’s main goal will be to focus on startup incubation, talent training and research and development, as well the creation of a non-profit research lab. Lu also discussed blockchain, saying he believes its core features of data encryption and digitization of trust mean it has long-term potential in business. He added that the technology is especially interesting for its provision of
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