Bitcoin provider Azteco recently garnered as much as $6 million through a new funding round led by Jack Dorsey, the man behind both Block and (formerly) Twitter. The money will go towards introducing bitcoin gift cards to ensure everyone has crypto’s spending power at their fingers.

Azteco Gets a Lot of Money

In an interview, Dorsey said:

My contribution to Azteco comes out of a deep respect for their mission. The unbanked population is immense. We have the technology and resources to close this gap, but until now, no one has taken that important next step. Azteco [provides] so much more than just access to a secure financial system. It is building an ecosystem of financial self-determination that is secure and supported by local communities. I am honored to support them.

The idea of bitcoin gift cards is to help the world’s number one digital currency by market cap have equal value with USD. The goal is to democratize finance and partner with companies around the world to guarantee bitcoin spending can become the way of the future and not the taboo idea it is now. Azteco CEO and founder Akin Fernandez explained:

Trusting a third party as the issuer of money can result in that third party becoming 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 irresistible. By removing this incentive through the issuer and replacing him with a computer program, bitcoin can run a politically and financially neutral, global synthetic money for people everywhere… The fundamental problem with the U.S. dollar is that its supply is controlled by a small committee of private bankers focused solely on the shareholders’ interests. America’s Constitution considers only gold and silver money, which was arguably done deliberately to remove the inevitable corruption that follows when people are in control of the money supply. Bitcoin solves this problem by replacing a committee of men with an infallible computer program.

Serving the World

He continued by adding that Azteco has close to 600,000 payment locations in nearly 200 countries. He stated:

In the U.S., an estimated 4.5 percent of households were ‘unbanked’ in 2021 with no access to ecommerce, meaning they couldn’t buy from Amazon, get a bank loan, send money, or receive it electronically. Bitcoin fixes this by giving them around-the-clock global access to a frictionless financial rail using instant transactions that are guaranteed free of payer fraud. There are two billion people unbanked on Earth, and the country that becomes the center of this new financial system will be raking in taxes from two billion people. A move to bitcoin will greatly enhance the U.S. economy. America’s most prosperous era was when it was on the gold standard.

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