Earlier this week, Y Combinator, the renowned startup incubator, held “Demo Day” for its Summer 2019 batch of startups. Twice a year, Y Combinator startups take the stage in San Francisco to pitch their ideas to investors. Y Combinator incubates its startups in two batches: Winter and Summer. These startups go through an intense three-month incubation stage where they learn how to run successful startups from former/current founders and investors.
For the Summer 2019 batch, there were two blockchain-related startups that pitched on Demo Day: TRM Labs and Multis. TRM Labs is a firm building software to help clients trace cryptocurrency fraud. Multis is a bank helping enterprises use cryptocurrencies in ways such as paying employees and earning interest. The Winter 2019 batch also had two blockchain-related startups.
According to research from The Block, the number of blockchain-related pitches this year has dropped over 40%, from seven pitches in 2018. However, over the last three batches, the number of blockchain-related pitches have stayed consistent at two startups per batch. We do note, however, that our data is based on startups publicly pitching their ideas at Demo Day. Some startups at Y Combinator stay in stealth mode and have performed off-the-record pitches, which are not publicly reported.