On Thursday, California-based bitcoin voucher company Azteco revealed it had garnered $6 million in seed funding through a round spearheaded by Block, Inc.’s CEO and chairperson, Jack Dorsey. Azteco stated that the newly acquired capital would further its objective to “provide billions of people” with a “solution that promotes financial inclusion and long-term stability.”
Jack Dorsey Leads $6 Million Investment in Azteco
Azteco, a firm offering minute bitcoin (BTC) portions through a voucher system, announced raising $6 million in seed funding. The investment round was directed by Block executive Jack Dorsey, accompanied by participants such as Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, and Gaingels. Investors David Van Der Weele and Sunil Rajaraman also took part in Azteco’s seed round.
Azteco aims to assist the unbanked through bitcoin solutions, with the startup’s founders convinced that “bitcoin presents a low-cost, secure, and flexible alternative to traditional banking that removes payer fraud and allows the unbanked population to store value, make purchases, and access credit without a traditional bank account.” In Thursday’s statement, Dorsey expressed his involvement stemming from an earnest admiration for the startup’s mission.
The principal executive officer of Block remarked:
The unbanked population is immense. We have the technology and resources to close this gap, but until now, no one has taken that important next step. Azteco is providing so much more than just access to a secure financial system; it is building an ecosystem of financial self-determination that is secure and supported by local communities. I am honored to support them.
Founded in 2014, Azteco’s voucher system has enabled users to save, spend, and transfer small bitcoin amounts. “This investment is a catalyst to help us achieve our mission of bringing unconditional financial freedom and control to the next billion users,” Paul Ferguson, the co-founder of Azteco stated. “This funding will fuel our market activation and product refinement efforts, enabling us to reach consumers more effectively, to develop deeply intuitive products and empower individuals worldwide to participate in global commerce regardless of their financial or technical experience level.”
What are your thoughts on Azteco’s mission to provide financial inclusion through bitcoin vouchers? Do you believe it has the potential to bridge the gap for the unbanked population? Share your opinions and insights in the comments section below.