Consumer bitcoin provider Azteco recently announced a $6 million seed funding round at an $84 million valuation led by Jack Dorsey as the company introduces bitcoin gift cards to boost the cryptocurrency’s purchasing power near US dollar levels. enlarge.
Amid ongoing inflationary pressures in the US, many investors are looking to digital assets as a hedge against the weakened dollar. At the same time, changing attitudes towards bitcoin are driving the coin to become a player in the US economy.
“My contribution to Azteco stems from a deep respect for their mission. The unbanked population is immense,” Jack Dorsey said after announcing the funding.
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“We have the technology and resources to close this gap, but so far no one has taken that important next step,” he added. “Azteco offers so much more than just access to a secure financial system; it builds an ecosystem of financial empowerment that is secure and supported by local communities. I am honored to support them.”
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Also designed to bridge geographic boundaries in retail, bitcoin gift cards or vouchers provide personalized storefronts and e-commerce platforms around the world, while democratizing access to financial services and reshaping consumer-retailer interactions in an increasingly interconnected connected digital economy, according to Azteco.
“Trusting a third party as an issuer of money can lead that third party to become a single point of failure. As the Federal Reserve and every other Fiat currency that has ever existed has proven, the incentive to cheat is By removing this incentive through the issuer and replacing it with a computer program, bitcoin can run a politically and financially neutral, global synthetic money for people everywhere,” Azteco CEO and founder Akin Fernandez told FOX Business.
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The US economy has become mired in inflation and a devalued currency, leading to a banking crisis and heightened investor interest in not only material wealth such as gold and silver, but also digital assets such as cryptocurrency.
Central banks and the Fed are already discussing the introduction of a digital dollar. Meanwhile, BlackRock filed for a bitcoin ETF with the Securities and Exchange Commission in June.
“The fundamental problem with the US dollar is that its supply is controlled by a small committee of private bankers who focus solely on the interests of shareholders. The US Constitution only considers gold and silver money, which is arguably done deliberately to avoid the inevitable corruption that follows.” when people are in control of the money supply,” Fernandez said.
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“Bitcoin solves this problem by replacing a committee of men with an infallible computer program.”
Azteco already has more than 590,000 ground-level payment locations in more than 190 countries, enabling development.
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In the US, an estimated 4.5% of households by 2021 had ‘no bank account’ and no access to e-commerce, meaning they could not buy from Amazon, get a bank loan, send money or receive money electronically Bitcoin solves this by providing 24-hour global access to a frictionless financial rail using instant transactions that are guaranteed to be free of payer fraud,” Fernandez said.
“There are 2 billion people on the planet unbanked, and the country that becomes the center of this new financial system will collect taxes from 2 billion people,” he continued. “A switch to bitcoin will vastly improve the US economy. America’s most prosperous era was when it was on the gold standard and the money supply was strictly limited. Strong economies are built on savings, not spending.”
