Azteco is a crypto firm that is the only provider of vouchers for small amounts of Bitcoin. This makes it easy for users to spend, save and send. Users can either buy an Azteco voucher online or at a local store, which they can then redeem for Bitcoin. To add more context in this model, it works the similar to buying a gift card or a mobile phone top-up. The firm is on a mission to offer Bitcoin for everybody and every day consumption and therefore, allow everyone to participate in global ecommerce.
Recently, Azteco has secured $6 million in a seed funding round that was led by Jack Dorsey – a notable entrepreneur and founder of Twitter. The funding round also garnered participation from numerous venture capitals including Lightning Ventures, Hivemind Ventures, Ride Wave, Aleka Capital, Visary Capital, Gaingels and notable angel investors including David Van Der Weel and Sunil Rajaraman. The proceeds of the new funding round will be utilized for product developments and to facilitate market expansion in Latin America and Europe.
Paul Ferguson, the co-founder of Azteco, has said that the investment is a catalyst in helping the firm achieve its mission of bringing unconditional financial freedom and control to the next billion users. He further added that this funding will fuel the firm’s market activation and product refinement efforts, a feat that will enable the firm to reach consumers more effectively and develop deeply intuitive products to empower individual worldwide while allowing them to participate in global ecommerce.
It is pertinent to note that Azteco was founded back in the year 2014 and it discovered that more than 2 billion people worldwide had a smartphone at the time but lacked access to traditional financial services. To effectively cater for these people, Bitcoin prevents a low-cost, secure and flexible alternative to traditional banking. This framework also eliminates fraud while allowing the unbanked population to store value, make purchases and access credit without a traditional bank account. This discovery gave rise to a voucher system that utilizes Bitcoin and still maintains the same level of familiarity that most people have used before.
According to Jack Dorsey, his contribution into Azteco comes out of a deep respect for their mission. He further added that the unbanked population is immense and the technology to close this gap is already available but until now, no one has taken that important next step. Dorsey further states that Azteco provides more than just access to a secure financial system. In essence, the firm is building an ecosystem of financial self-determination that is secure and supported by local communities. He concluded his statement with expression of honor in supporting the firm’s mission.
The firm’s scheme is beneficial in the sense that it is fast – topping up with Azteco only takes a few seconds, simple – no account is required to redeem a voucher and Safe – Azteco does not have user accounts, just like pay as you go SIM cards that are disposable. The firm also offers an additional revenue stream to merchants as vendors are able to earn commission from their top ups.
