The prominent Bitcoin payment company Azteco has completed a seed funding round led by the co-founder of Block, Jack Dorsey. The Bitcoin payment company was pleased to announce that the firm generated $6 million from the funding round.
Other fast-growing crypto firms, including Lightning Ventures, Hivemind, Aleka Capital, Gaingel and Visary Capital, actively participated in the Azteco seed funding round. Sunil Rajaraman, a well-known crypto mogul, was reportedly among the supporters of the Azteco funding round.
In the past, Azteco has gained popularity since it offers the world a platform to buy Bitcoin more effortlessly. The Azteco team also provides the unbanked population with a platform to utilize digital fiat.
Azteco Seed Funding Round
Azteco offers most products that can be purchased online or at local stores. The Azteco voucher, which can be exchanged for Bitcoin, is available in online and physical markets. The conversion of the Azteco voucher to crypto correspond to the approach for purchasing a gift card or mobile top-up.
Unlike the traditional payment method, Azteco has eliminated the lengthy processes that require the user to buy Bitcoin through an exchange platform using fiat currency. Interestingly, the Azteco team has adopted the Bitcoin circle approach to cater for the unbanked population’s needs and boost user experiences.
According to Dorsey, the seed funding round aimed to improve financial inclusivity by providing the unbanked population with a platform to explore the financial system. In his address, Dorsey was delighted to support Azteco in realizing its long-term objective.
After scrutinizing the unbanked population, Dorsey observed that the number of the persons mentioned above had gradually increased. He explained that to boost financial inclusion, it was essential to utilize the technology and resources to minimize the number of the unbanked population.
Benefit of Azteco Funding Round
Afterwards, Dorsey lamented that less action had been taken to address the rising unbanked population. In his concluding remarks, Dorsey lauded the efforts made by Azteco to improve the security of the financial system and create a friendly environment to boost the community’s well-being.
An announcement conveyed by the co-founder of Azteco, Paul Ferguson, disclosed that the $6M capital would enable the company to provide the user with financial freedom. He believes that with such an investment, Azteco will motivate the user to actively participate in international online trade.
In a separate announcement, the Azteco team regretted that over two million individuals are grouped as financially excluded due to inadequate financial infrastructure. The deficiency of crucial financial tools has exposed most people to inaccessible credit services. The Azteco team highlighted the major setbacks battling the unbanked population, including poor management, inconvenient transfers and other challenges associated with store of money.
Strategies Applied by Azteco Address Financial Exclusion
In support of this, the Aztec chief executive Alexander also known as “Fernandez”, confessed that most of the unbanked population resides in underdeveloped countries with weak economies. He urged third-world countries with a high rate of unbanked population to invest in pursuing effective strategies that support financial inclusivity.
Fernandez stated that Azteco plans to launch vouchers allowing users to purchase small amounts of Bitcoin. Compared to traditional money, Fernandez argued that Bitcoin upholds financial privacy and enables the user to control digital assets completely.
In the meantime, the online purchase voucher will be available in 195 countries. Per the Azteco report, the company plans to utilize the $6 million to diversify its products and broaden its market presence to Latin America and other parts of Europe.
In a previous customer engagement, the Azteco users urged the company to suspend the Know-Your-Customer (KYC) feature. Ideally, the KYC feature requires the user to provide confidential information for identity verification.
They argued that applying the existing KYC laws when purchasing Bitcoin in small quantities was impractical. Also, the user observed that some KYC requirements do not apply to most of the overseas market that Azteco operates.
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