Pollak describes fintech 3.0 as rebuilding financial services on a programmable platform that includes money. Cheaper, faster chains and Layer 2 networks such as Base make small consumer transactions practical while drawing on Ethereum’s decentralization. He suggests a simple first project: build an interface for swapping assets through an automated market maker.
Why Now Is The Best Time To Build In Crypto
Speaker
Jesse Pollak, founder of Base at Coinbase, talks with a Y Combinator host about startup opportunities in crypto, from stablecoins and onchain commerce to tokenization and AI.
Pollak says stablecoins give people and businesses around the world access to programmable dollars that can move globally and at low cost. He points to remittances and neobanks such as Dollar App and Aspora, and sees potential in stablecoins pegged to local currencies. Builders can issue local stablecoins or make products work across several currencies.
Pollak describes Coinbase and Shopify’s commerce payments protocol, which lets Shopify stores accept USDC on Base. He says the team translated complex payment processes, including escrow, refunds, and fee handling, into a smart contract of about a thousand lines. He advises founders to look for costly legacy systems they can make faster and cheaper with programmable infrastructure.
Pollak describes tokenization as moving assets such as stocks, bonds, and real estate from legacy records into programmable systems. He also sees potential in new asset classes, including creator content, which could be valued and traded onchain. He argues that creators could gain new ways to earn from and borrow against their work.
Pollak looks for small teams that build hands-on and understand the technology well enough to find useful applications. He sees crypto supporting AI through verification and by giving software agents a way to transact using wallets and smart contracts. His advice is to form a thesis about a problem, test it with customers, and keep showing up to learn.
Takeaways
- Start with a costly customer problem, then test whether crypto makes the solution meaningfully better.
- Build a small swap interface or smart contract to learn how onchain systems work.
- Consider supporting local and dollar stablecoins together so customers can choose how to save and pay.
- Look for business processes that could become simpler, cheaper smart contracts.
- Build technical understanding through hands-on work and regular customer conversations.
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What was claimed 13
- built
“Jesse is the founder of Base, which started life as Coinbase's blockchain”
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- integrates with
Y Combinator integrates with
Coinbase
“Y Combinator and Coinbase are together putting out a joint request for startups”
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- uses
“we sit on top of Ethereum”
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- usesAspora uses stablecoins
“Aspora in India. These are essentially neobank services built around stablecoins”
YouTube Unverified1 source· Talk
- usesDollar App uses stablecoins
“Dollar App in Latin America ... are essentially neobank services built around stablecoins”
YouTube Unverified1 source· Talk
- metricstablecoins: Almost $200 billion in the market
“Now there's almost $200 billion of stablecoins in the market”
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- integrates with
“We launched it in collaboration with Circle”
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- launched
“when we launched USDC, I was in the war room at Coinbase”
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- uses
“accept USDC on Base”
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- uses
“accept USDC on Base from anyone else in the world”
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- metriccommerce payments protocol: About 1,000 lines of code
“that smart contract ended up being about a thousand lines of code”
YouTube Unverified1 source· Talk
- integrates with
Shopify integrates with commerce payments protocol
“We built a commerce payments protocol that lets any Shopify store in the world accept USDC on Base”
YouTube Unverified1 source· Talk
- featureCourtyard: Verifies collectibles and records proof of authenticity on the blockchain
“put that on the blockchain as immutable proof of authenticity”
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