Silicon Valley incubator Y Combinator has expressed views on seeing metaverse, artificial intelligence (AI), and stablecoins as encouraging innovation areas, as stated by Cointelegraph.
According to Cointelegraph, Y Combinator’s yearly “Requests for Startups” report stated that stablecoins carry “immense” capacity in terms of being an economical cross-border payment choice. Furthermore, the report also mentioned that virtual reality (VR) and augmented reality (AR) can find applications exceeding gaming, and that AI can be utilised for enterprise software and better “back office processes”.
Based on Cointelegraph’s data, Brad Flora, group partner, Y Combinator, highlighted how stablecoins can “be a big part of the future of money”. “It all looks a bit like digital music’s transition from the realm of outlaw file sharing in the early 2000s to becoming the norm as players like Apple entered the market. Importantly, those major players were all outmatched in the end by Spotify, a startup founded during that same transition moment. This utility is so straightforward it seems inevitable traditional finance will follow suit,” Flora specified. Reportedly, Flora also noted that around seven million people have conducted stablecoin-based transactions, while over 500 million people reside in countries having more than 30% inflation rates.
Moreover, Cointelegraph noted that as of now, Y Combinator has made investments in 81 Web3.0 and crypto startups, along with TRM Labs, Coinbase, Quantstamp, and OpenSea. “There are so many challenges still to solve with discovering best use cases, best UX/UI practices, and more — we are excited to work with founders that are at the frontier of this tech,” Diana Hu, a group partner, Y Combinator, said.
(With insights from Cointelegraph)
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