The 25 crypto startups recently selected by Y Combinator

Original Title: 《The 25 crypto startups that Y Combinator is backing in its W22 batch》

Original Author: Lucas Matney

Translation: 深潮 TechFlow

Y Combinator, the leading incubator in Silicon Valley, has also been the cradle of WEB3 star companies, such as Coinbase and OpenSea.

An interesting fact is that Harj Taggar, Y Combinator's head of fintech and cryptocurrency, recently revealed in an interview with The Block that when Coinbase participated in the summer 2012 program, YC did not believe in crypto.

Today, more and more crypto startups are appearing at YC's DEMO DAY. In the latest W22 batch, 25 startups have joined, compiled and shared by Techcrunch reporter Lucas Matney.

SimpleHash

Introduction: "SimpleHash allows Web3 developers to query all NFT data from a single API. We index multiple blockchains, handle edge cases, provide fast media CDN, and can be integrated in just a few lines of code."

Founders: Alex Kilkka, previously co-founder of the NFT social network Showtime, and Olly Wilson, an EIR at Portage Ventures.

Comment: The NFT market has made significant progress on Ethereum, but it is well known that any mainstream future related to NFTs will rely on second-layer blockchains that reduce transaction costs. This creates opportunities for startups while also presenting them with cross-chain challenges, which SimpleHash is trying to simplify.

NFTScoring

Introduction: "NFTScoring is where you discover, analyze, and trade NFTs. We provide you with superpowers to understand the NFT market at any given moment, make the best decisions, and take faster actions."

Founders: David Mokoš and Adam Zvada previously co-founded the AI lab Cognitic and the hyper-local delivery platform GoDeliver.

Comment: NFTScoring is attempting to build a better homepage for NFT traders, designed to explain some unique attributes that make certain NFTs more valuable than others, while helping users find trending projects early. A crucial point is tracking the projects that NFT whales are buying by monitoring wallet networks. This startup has a premium pricing model, and users need to pay with Eth.

Remi Labs

Introduction: "Launching an NFT collection seems enticing for brands; however, if executed poorly, it can have long-term negative effects. We liberate them from NFTs."

Founders: Brant Choate and Dan Conger previously held senior positions at the enterprise information startup Podium.

Comment: Essentially, as NFTs take off, brands start to consider how to get involved, seeing it as a rather chaotic space filled with skeptical consumers. Soon after, many white-label NFT services began, aimed at providing them with a better path to launch NFT projects. Remi Labs is focusing on this opportunity and initially concentrating on NFT collections.

Poko

Introduction: "We are building Slack for Web3. Our goal is to replace LLCs with DAOs in cross-border collaboration in emerging markets. We will take a multi-step approach over several months to reduce company registration and setup costs to $50 per month and easily open a Slack channel."

Founders: Van Tran previously led Netflix's strategic execution in the SEA region, Geoffrey See is the CEO of identity startup Trusting Social, and Sean Ang founded the educational organization Success Alliance Enrichment.

Comment: DAOs are hot, but the tools behind them are still catching up to the hype. Poko tends to use DAOs as LCCs due to some legal ambiguities in the U.S., but in many other regions, including Singapore, where I believe the startup is based, the situation is less clear.

GoSats

Introduction: "GoSats is a Bitcoin rewards app. We help people accumulate free Bitcoin as cashback and rewards when shopping in India."

Founders: Roshni Aslam was previously a research analyst at consulting firm ONEX AE, and Mohammed Roshan is the CTO of blockchain startup ThroughBit.

Comment: In terms of credit card rewards, crypto credit card rewards are an old-fashioned method. However, so far, the Indian government has taken a hard stance on crypto technology, but many entrepreneurs believe the crypto technology market is one with enormous opportunities for the industry.

Cashmere

Introduction: "Cashmere is a crypto wallet for Web3 startups managing digital assets on Solana. Instead of using personal wallets to run their businesses, startups can use our wallet to collaboratively manage their funds."

Founders: Shashank Khanna was previously a senior engineer at SoFi, Rebecca Lee is a deployment engineer at Retool, and Charlotte McGinn is a software engineer at Tesla.

Comment: Consumer crypto wallets have been a big business over the past year, but the technology has not been as active in helping startups, projects, and DAOs securely manage funds using enterprise-grade multi-signature wallets. Solana has attracted a lot of developer attention over the past year, with developers aiming to replicate Ethereum's tools and improve them with Solana's advantages.

Chaingrep

Introduction: "Chaingrep is a search engine for on-chain interactions and digital assets. You can think of it as a new type of block resource explorer. We believe that current block explorers like Etherscan are too complex for the average user. By extracting many of their features and filtering out all the noise, we can greatly improve the experience of finding on-chain information."

Founders: Rosco Kalis was previously an engineer at crypto startup Truffle, and Merwane Drai has no personal profile on LinkedIn but shows he is working hard to hack the Matrix.

Comment: The transparency of my blockchain rivals those platforms where data is easy to read and interpret. As more non-technical users enter Web3 platforms, this will become increasingly important.

Winter

Introduction: "Winter provides an embeddable widget that helps your consumers buy NFTs using credit cards or bank accounts! If users do not have a wallet, we also help them store and manage NFTs."

Founders: Michael Luo was previously a product manager at Facebook, and Laila Chima is a software engineer at Stripe.

Comment: For any user who has gone through the NFT purchasing process, buying crypto software on centralized exchange platforms, creating wallets, and transferring crypto to wallets for purchases are the most time-consuming parts. This is why startups are trying to eliminate this by allowing purchases via credit cards, which may attract those looking for opportunities in NFTs from Web2 platforms.

Decent

Introduction: "Delegate enables musicians to monetize their work directly through fans, aligning the incentives of artists and fans with funding, intellectual property protection, and discovery. We do this through marketplaces and infrastructure that allow musicians to issue NFT collateralized by royalties."

Founders: Will Collier was previously an analyst at Accenture, Charlie Durbin was an analyst at Vox Media, Will Kantaros studied applied mathematics and economics at Brown, and Alexander Carlson is a music producer.

Comment: In the art world, NFTs have largely developed well, but some startups are still trying to find opportunities in other aspects of media like music. Delegate's sales seem to be creating NFT incentive structures for new fans, aiming to build a reputation around musicians that is more closely related to the success of the songs over time.

Yatima

Introduction: "Yatima is an underlying blockchain that fundamentally enhances the security and scalability of smart contracts and other deterministic computations through the use of on-chain formal verification and zero-knowledge proofs."

Founders: John Burnham was the CEO of Sunshine Control Netics, Samuel Burnham recently graduated with a computer science degree from Rensselaer Polytechnic Institute, and Gabriel Aquino Barreto was an Ethereum software developer.

Comment: This is one of the most technically sophisticated startups listed so far, and I am unaware of some of the details, but Yatima is building a crypto programming language around emerging technologies like zero-knowledge proofs. This technology uses complex mathematics to cryptographically verify batches of transactions and is often seen as a key element for future scalable, trustless blockchains.

CypherD Wallet

Introduction: "Existing crypto wallets are too outdated for mainstream users. We are building a multi-chain crypto wallet that simplifies the user experience for mainstream users alongside crypto cards."

Founders: Kuberan Marimuthu was previously a senior engineering manager at Coinbase, Muthukrishnan Ramabadran is a senior software engineer at Lyft, and Dheeban S.G. is a senior engineer at blockchain startup Magic.

Comment: There are still some major unknowns about the future of consumer Web3, but most investors believe wallet applications will play a significant role in the future, as users need a central place to store their coins and NFTs. CypherD is also seeking ways to make wallets the storage center for dollar assets, providing users with a MasterCard debit card to convert crypto into dollars for use.

Courtyard

Introduction: "Courtyard stores physical collectibles (trading cards, sneakers, watches, etc.) in secure vaults, creates 3D representations of the assets, and mints them as NFTs on the blockchain. We have partnered with one of the largest security companies in the world to store collectibles."

Founders: Paulin Andurand was a senior software engineer at Apple, and Nicolas le Jeune was a manager at YouTube.

Comment: NFTs have done well in creating liquidity markets for digital assets, but there has been ongoing discussion about how to leverage them to simplify the trading of physical collectibles. Vertical-specific markets have seen some success in this area, although there are still legal challenges in tokenizing physical products for digital asset sales.

Payourse

Introduction: "The tools and infrastructure we build enable anyone in Africa to easily, quickly, and affordably access crypto and Web3."

Founders: Bashir Aminu was the Africa lead for Binance P2P, Hakeem Adeyemi Orewole was a software engineer at Andela, and John Anisere was a senior software engineer at Intersection Ventures.

Comment: Crypto advocates have quickly emphasized how blockchain-based payments can work wonders for unbanked users in developing countries, but it seems that very little valuable venture capital is flowing into teams aiming to achieve this goal.

Argo

Introduction: "Argo's mission is to empower filmmakers and television producers worldwide. It is the simplest way to upload your content and monetize it. Argo provides filmmakers with the technology and ecosystem to monetize their films and TV works through advertising, subscriptions, and NFT sales."

Founders: Arcadiy Golubovich previously led the entertainment production company Primeridian.

Comment: Argo appears to be the first media startup focused on short videos, providing filmmakers with a platform to showcase their work while also leveraging NFT sales to help them monetize and build popularity.

Finnt

Introduction: "Finnt is the first DeFi application for families. We offer multi-user, high-yield savings accounts that allow your children or family members to easily save through crypto."

Founders: Anji Ismail previously led product launches, and Faozi El Yagoubi was the engineering director at Ovavi.

Comment: Family-oriented DeFi is a very specific pitch, primarily focusing on allowing users to link sub-accounts to a central investment account. The high-profile use of DeFi protocols will undoubtedly make some families skeptical about putting their assets here, but higher returns may encourage some families to take the risk.

Tradezi

Introduction: "Tradezi is the Robinhood of Southeast Asia. Our goal is to help everyone invest in stocks, crypto, and other alternative assets in one place."

Founders: Phi Dang and Jasmine Huynh were both senior software engineers at Google.

Comment: To familiarize U.S. retailers with crypto technology, Robinhood has clearly done a lot of work, such as showcasing crypto alongside publicly traded stocks. This seems to be a model that Tradezi is interested in for SEA.

Botin

Introduction: "Botin is a mobile app where people in Latin America can invest in U.S. stocks, crypto, and more."

Founders: Robert Baron was previously a developer at BitGo, and James Jara was a software engineer at Avantica.

Comment: This Costa Rican startup is also promoting Robinhood's stock and crypto technology to Latin American users, hoping to find a broader audience for retail trading.

earnJarvis

Introduction: "earnJARVIS is a crypto investment platform that helps retail investors and businesses make smart investments in the crypto economy."

Founders: Atyab Bhatti was previously a manager at McKinsey, and Kush Maheshwari was a software engineer at Rubrik.

Comment: Robo-advisors have been a big business for entry-level retail investors, but crypto trading is largely a DIY business at the same level. A batch of such platforms is likely to emerge, aiming to automate the diversification process of crypto assets while exposing users to elements of the DeFi world.

Magna

Introduction: "We bring universally needed tools to crypto companies to help them manage token distribution, token holder entry/exit, and other key tools."

Founders: Bruno Faviero was previously a product manager at Palantir, and Arun Kirubarajan is a graduate researcher at the University of Pennsylvania.

Comment: It is no surprise that YC is supporting a pair of startups that are seizing the same opportunity. Token management is clearly a pain point for Web3 startups as they grow, and YC has been particularly successful in helping scale "startup-to-startup" products.

Soon

Introduction: "With Soon, you can invest without speculative pressure. Our fully automated scanning account connects to your bank and shows market trades through daily spending activities. By investing on a schedule and selling available earnings when spending, Soon can automate the investment process from start to finish."

Founders: Chris Lovato was a DevOps engineer at Adobe, Aaron Bylund led corporate strategy implementation at Nu Skin, and Michael Shattuck was a senior software engineer at Pluralsight.

Comment: While users can access new asset classes through new platforms, this does not mean consumers want to become part-time investors. The platform built by Soon aims to automate investments of idle funds in user accounts through crypto or traditional asset methods.

LiquiFi

Introduction: "LiquiFi ('Crypto's Carta') helps companies and DAOs automate token vesting, management, and distribution to employees, investors, partners, and community members. Secure, audited smart contracts ensure timely distribution of vested tokens and save significant time and resources compared to building their own solutions."

Founders: Robin Ji was previously the product lead at Eco, and Oliver Tang is an engineering manager at Amazon.

Comment: It is not surprising that YC is supporting a pair of startups that are seizing the same opportunity. Token management is clearly a pain point for Web3 startups as they grow, and YC has been particularly successful in helping scale "startup-to-startup" products.

Arda

Introduction: "Fintech companies embed DeFi products through a single API on their platforms. This allows them to acquire more customers, retain those customers, and increase revenue and engagement. All of this is done in a secure and compliant manner."

Founders: Pranay Shetty was an early employee at CloudKitchens, and Ramkumar Venkataraman was the founding engineer at Moneyworld.

Comment: While having the ability to trade stocks and cryptocurrencies in one application has become an expected feature of traditional trading applications, this relationship has not yet been achieved in DeFi and traditional fintech services, which still live separately in different applications and platforms.

OnScale

Introduction: "OnScale is a commercial bank for high-income creators that automates income budgeting, cash flow management, tax write-offs, and invoicing. We help creators automate their financial work, saving them money and time."

Founders: Tonjé Bakang Tonje is the founder of Afrostream, and German Saprykin is a senior engineering manager at Grab.

Comment: While many creator-centric Web3 products specifically serve NFT creators, OnScale aims to help a broader range of creators access traditional financial products while building crypto rails to help users easily convert income into cryptocurrency on the platform.

Blocknom

Introduction: "We provide secure and convenient crypto investments for consumers and businesses through DeFi yields. Our product is very simple. People can quickly deposit and withdraw after clicking options. After depositing, they can earn competitive interest without any hidden fees. The interest comes from DeFi protocols."

Founders: Fransiskus Raymond is a sales manager at Gojek, and Ghuniyu Fattah Rozaq is a developer at Ritase.

Comment: There has been much discussion about DeFi-Yield Farming, which offers high ratios of funds deposited into investment pools. Sometimes, these seemingly too-good-to-be-true rates are proven to be real, but other times, they highlight how much benefit there can be when users reduce their investment/saving processes from banks (and their associated protections).

Bloom

Introduction: "Bloom provides dollar banking for students and young professionals in East Africa. By saving in dollars or digital dollars and spending in local currency, they will not be affected by inflation."

Founders: Ahmed Ismail previously worked at Barclays, Khalid Keenang is an engineer at Finbourne, Youcef Oudjidane is a managing partner at Class 5 Global, and Abdigani Diriye is a research manager at Amazon.

Comment: In Sudan, many currencies are experiencing hyperinflation, and this Sudanese startup hopes to leverage stablecoins to help young professionals in East Africa avoid these issues. There is clearly a significant opportunity here to help users in developing countries accumulate wealth, but the associated risks of crypto mean these startups also bear a significant responsibility.