Former CEO of Twitter, Jack Dorsey, recently hosted a $6 million funding round for Azteco. This event is just months after the Bitcoin enthusiast and Block’s CEO introduced a mining development kit.
Investors in the funding round are Aleka Capital, Gaingels, Hivemind Ventures, Lightning Ventures, Ride Wave Ventures, and Visary Capital. Entrepreneurs Sunil Rajaraman and David Van Der Weele were also at the seed funding round.
Jack Dorsey stated about Azteco:
“My contribution to Azteco comes out of a deep respect for their mission. 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.”
The CEO and co-founder of Azteco, Alexander Fernandez, stated that over two billion individuals have zero access to banking services. He claimed these individuals encounter problems in handling, transferring, and holding money. Furthermore, he said that these people living in regions with unstable economies need independent solutions that offer long-term financial stability.
Azteco, a UK-based company, offers a distinctive method of purchasing Bitcoin. It facilitates a voucher-based system that enables users to buy Bitcoin by using cash, eliminating the necessity for a bank account or credit card.
The process functions as follows: A customer visits a participating retailer and buys an Azteco voucher for a specific amount in their local currency. The voucher includes a unique code that represents the corresponding value in Bitcoin. The customer can subsequently redeem the voucher on the Azteco website by entering the code and providing a Bitcoin address. The Azteco system then transfers the equivalent amount of Bitcoin to the provided address.
Azteco’s simplicity and accessibility are among its main advantages. It enables individuals without access to traditional banking services to quickly enter the world of cryptocurrencies. Azteco eliminates the need for complex online registration or verification processes through cash and vouchers.
The firm enables users to purchase vouchers in 195 countries. It plans to use the fresh funding to enhance its product and extend its offerings in Latin America and Europe.
Additionally, some users have expressed the potential of “no KYC” Bitcoin, where individuals are not required to provide identifying “know your customer” information when buying Bitcoin. Azteco’s limitation of small Bitcoin amounts for purchase allows it to operate within jurisdictions where governmental KYC laws do not apply.