05-18-2023 icon

Jack Dorsey Raises $6M for Bitcoin Payment Company

By Lucy Adegbe
Jack Dorsey

Jack Dorsey, the former CEO of Twitter and Square, has led a $6 million seed round in Azteco, a new bitcoin startup that is aiming to make it easier for people to buy and use the cryptocurrency.

Azteco is a mobile app that allows users to buy Bitcoin with cash at participating retailers. The company says that it is targeting unbanked and underbanked people in emerging markets, who often have difficulty accessing traditional financial services.

Dorsey is a long-time Bitcoin enthusiast, and he has been vocal about his belief that the cryptocurrency has the potential to revolutionize the global financial system. He has also invested in other Bitcoin startups, including Blockstream and Lightning Labs.

The $6 million seed round in Azteco was led by Dorsey’s investment firm, Block, Inc. Other investors in the round included Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, David Van Der Weele, and Sunil Rajaraman.

Azteco plans to use the funding to expand its team and launch its mobile app in more countries. The company also plans to develop new features that will make it easier for people to buy, sell, and use Bitcoin.

“We believe that Bitcoin has the potential to change the world,” said Azteco CEO David Ferguson. “We are excited to partner with Jack Dorsey and other leading investors to make Bitcoin more accessible to people around the world.”

Azteco is one of a number of new Bitcoin startups that are targeting unbanked and underbanked people in emerging markets. Other companies in this space include Paxful, Abra, and Remitano.

The growth of Bitcoin in emerging markets is being driven by a number of factors, including the rise of mobile internet, the decline of traditional financial institutions, and the increasing economic instability in many countries.

Bitcoin offers a number of advantages over traditional financial instruments for people in emerging markets. It is a decentralized currency that is not subject to government control or inflation. It is also a digital currency that can be easily transferred across borders.

As the adoption of Bitcoin continues to grow in emerging markets, it is likely that more and more people will be able to access the benefits of this revolutionary cryptocurrency.