Azteco has secured an investment of $6 million led by the CEO of Block Inc., Jack Dorsey.
Based in Santa Monica, California Aztecos mission is to accelerate the mainstream acceptance of Bitcoin through the use of gift cards.
Aztecos goal is to make financial services more accessible to those who are currently unbanked. Jack Dorsey supports this objective wholeheartedly. Believes that Azteco is well positioned for success with their use of technology and available resources.
One key aspect of Aztecos strategy involves introducing gift cards to increase the visibility and adoption of this innovative cryptocurrency on par with traditional currencies like the US dollar.
Their ultimate ambition is to create an inclusive financial landscape by collaborating with global companies. According to Akin Fernandez, head of Azteco their aim is for using Bitcoin in transactions to become a practice worldwide.
Fernandez also highlights the risks associated with relying on entities for currency issuance emphasizing how it often leads to monopolistic control and vulnerability to corruption.
To address these concerns Azteco proposes transitioning towards an algorithm that allows Bitcoin to function as an impartial global synthetic currency accessible, by all individuals.Azteco has a presence spanning approximately 600,000 payment hubs in nearly 200 countries. This is especially important in the United States, where around 4.5% of households lacked access to banking services in 2021.
These households face disadvantages when it comes to using e commerce platforms like Amazon obtaining bank loans or making transfers. Bitcoin offers a solution by providing an secure financial system that is accessible 24/7.
Jack Dorseys commitment to Bitcoin remains unwavering. His recent investment in Azteco is another example of his support for the cryptocurrency industry.
This year Dorsey pledged $5 million to support innovators in the Bitcoin space. Over the course of five years he plans to allocate $1 million, towards projects related to Bitcoin. This demonstrates his dedication to fostering the growth of the Bitcoin network.
Beyond his contributions Dorsey has been actively advocating for nurturing Web3 talent in Africa. Alongside music mogul Jay Z he established Btrust—a profit organization focused on promoting Bitcoin adoption.
Recently Btrust made an acquisition by bringing on board Qala—a company dedicated to cultivating Bitcoin and Lightning engineers in Africa.
This has led to Qala being renamed as the Btrust Builders Program representing an effort to promote the expansion of Bitcoin, in Africa.