Bitcoin Voucher Provider Azteco Completes $6 Million Seed Round Led By Jack Dorsey

Key Points:

• Azteco, a provider of vouchers for small amounts of Bitcoin for everyday use, secured $6 million in seed investment.
• Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, David Van Der Weele, and Sunil Rajaraman participated in the round, which was chaired by Jack Dorsey.
• The funds will be used for product development and market growth in South America and Europe, according to the business.

Azteco, the first firm to sell vouchers for tiny amounts of Bitcoin for daily usage, has raised $6 million in venture investment. The investment round was led by Block CEO Jack Dorsey.

Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, David Van Der Weele, and Sunil Rajaraman also invested in the round.

The initial money will assist Azteco in its objective to create a solution that promotes financial inclusion and long-term stability to billions of individuals who confront untrustworthy or fluctuating economic situations. The funds will be used to develop new products and grow into the European and South American markets.

Consumers in cash-centric communities may access the asset by buying vouchers, and the firm is paid a fee for each transaction. Additionally, many users are unfamiliar with the complexity of crypto exchanges and Web3 wallets. For them, vouchers are significantly more accessible, familiar, and easy.

Azteco co-founder Paul Ferguson 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.”

Azteco, founded in 2014 by Paul Ferguson, is a supplier of a voucher system that enables customers to store, spend, and distribute small amounts of Bitcoin via a worldwide network based on trust and local relationships.

The solution was developed in response to the discovery that over 2 billion individuals globally own smartphones but lack access to conventional banking services. For these individuals, bitcoin offers a low-cost, safe, and flexible alternative to conventional banking that eliminates payer fraud and enables the unbanked population to hold money, make transactions, and obtain credit without the need for a typical bank account.

Azteco Vouchers, which are equivalent to the traditional paper coupons provided by mobile phone networks, may be purchased by users. These are redeemable directly on users’ mobile phones, similar to how top-up coupons function to add call time to Pay-as-You-Go mobile phones.

Azteco intends to expand beyond the vouchers. In the next months, the business intends to streamline the process of purchasing Bitcoin online by eliminating the need for customers to register accounts or go through a lengthy Verification procedure. The present deal values the firm at $84 million pre-money. For a firm that is just a year old, this demonstrates that investors are confident in Azteco’s growth potential.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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