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The CEO of Block became the largest investor during the investment round of the bitcoin startup Azteco. In total, the company managed to raise $6 million.
Azteco offers a simplified purchasing methodbitcoins to people who don't have bank accounts. Users either purchase an Azteco voucher online or from an offline store and can then redeem the voucher for Bitcoin. Bitcoins can also be purchased using a gift card or mobile phone top-up.
Twitter co-founder and Block CEO Jack Dorseyannounced that he was honored to support Azteco as the company tries to help unbanked people enter the financial system.
“Now there are still a large number of peoplewho do not use banking services. We have the technology and resources to help close this gap, but no one has taken the next big step,” Dorsey explains.
Along with Dorsey, investors include Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels and entrepreneur Sunil Rajaraman.
"More than two billion people around the worlddo not have access to financial services, face serious problems in managing, storing and transferring money, as well as accessing credit,” states Azteco CEO Alexander “Akin” Fernandez. .
Block previously completed development of a prototype ASIC chip, which should speed up the market entry of an open source Bitcoin mining rig.
Last year, Block partnered with venture capitalinvestor Stillmark invested $2 million in the operator of mining platforms Gridless. The project promises a zero carbon footprint by using renewable energy sources from rural Africa.