Y Combinator to Offer Startup Funding in Stablecoins for Spring Cohort
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Summary
Y Combinator, the prominent Silicon Valley startup incubator, will now allow founders in its spring cohort to receive their funding in stablecoins, specifically USDC issued by Circle. This marks a significant shift as previously only crypto-focused venture capital firms offered digital asset funding options. Founders can choose to receive the tokens on various blockchains including Ethereum and Solana.
Key quotes
· 4 pulledIn the latest sign of digital currencies going mainstream, Silicon Valley's most prominent startup incubator will allow its spring cohort of entrepreneurs to receive their funding in stablecoins.
Y Combinator, whose alumni include the founders of Airbnb and DoorDash, announced on Tuesday that founders can opt to receive their customary allotment—typically around $500,000—in the Circle-issued USDC.
Startup founders who choose stablecoins can choose to receive the tokens on various blockchains such as Ethereum and Solana.
The move is significant since, in the past, generally just crypto VC firms have let startups receive funding in the form of digital assets.
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