Bitcoin Vouchers Company Garners $6 Million Backing from Jack Dorsey
Jack Dorsey, the co-founder of Twitter and CEO of Block, has led a funding round of $6 million for Azteco, a company that provides Bitcoin vouchers.
This investment showcases Dorsey’s ongoing dedication to driving progress in the world of cryptocurrencies.
Established in 2014, Azteco identified a significant gap in global banking access, with over 2 billion smartphone users lacking regular financial services. To address this issue, Azteco developed a practical solution by utilizing Bitcoin as a secure and cost-effective alternative.
Through their technology, Azteco enables the unbanked population to store value, engage in transactions, and access credit without needing a traditional bank account.
Azteco refers to its vendor sites as “ATM-less ATMs.” The company claims to make purchasing Bitcoin as simple as buying mobile phone credits. Here’s how it works: You can visit an Azteco outlet and purchase an Azteco voucher using cash or a credit card. Then, you can redeem the voucher on their website by providing your Bitcoin address. Azteco takes care of the rest, ensuring the Bitcoin is delivered to the specified address.
Initially launched as a test site in Shoreditch, East London, Azteco quickly expanded its reach. Currently, Azteco vouchers are available at retail locations in 195 countries worldwide.
In 2019, Azteco stated that it did not require KYC verification checks, simplifying the process for users interested in entering the world of digital currencies.
Dorsey expressed his profound admiration for Azteco’s mission as the driving force behind his investment. He emphasized the immense size of the unbanked population and the potential to bridge the gap using available technology and resources.
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According to Azteco’s co-founder Paul Ferguson, the funding received will catalyze the company’s market activation and product refinement efforts. This boost will enable Azteco to effectively engage with consumers, focusing on Latin America and Europe, thus amplifying its impact in the industry.
The funding round also included investments from Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, ALeka Capital, and Visary Capital.
Dorsey’s involvement in the cryptocurrency space continues to make headlines. The company aims to disrupt the current status quo and introduce innovative advancements to cryptocurrency mining. Block’s payments firm recently announced plans to revolutionize Bitcoin mining by developing specialized silicon for mining hardware.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
