Jack Dorsey Leads $6 Million Seed Round for Azteco

Block’s CEO Jack Dorsey led a $6 million seed funding round for the crypto-payments company Azteco, according to a press release.

Among the other investors are: Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels, and entrepreneur Sunil Rajaraman.

\”My investment in Azteco stems from a deep respect for their mission,\” Dorsey said.

Azteco is a startup focused on regions with \”unreliable and unstable economies.\” The company issues so-called \”Bitcoin vouchers\” that can be exchanged for fiat at dedicated points of sale or online.

The service will launch in 195 countries where access to digital assets is restricted due to the prevalence of cash and underdeveloped electronic banking.

According to Azteco’s plan, the project will also simplify online purchases of the first cryptocurrency, without requiring account creation or completing the full KYC. KYC

\”Two billion people around the world have smartphones but lack access to traditional financial services. For these people, Bitcoin presents a cheap, secure, and flexible alternative to traditional banking. … The easy-to-use Azteco technology and the voucher system allow consumers to save, spend and send small amounts in Bitcoin, providing long-term financial stability and freedom,\” the company said.

Earlier, a privacy- and AI-focused blockchain project Auradine raised $81 million in a funding round led by mining company Marathon Digital.

In the first quarter of 2023, venture investments in crypto startups across 353 funding rounds totaled $2.6 billion, down 11% from the previous reporting period.