Twitter co-founder and Blockchain head Jack Dorsey announced that he was honored to support Azteco as the company tries to help people without bank accounts enter the financial system.
“Right now, there are still a large number of people who are unbanked. We have the technology and the resources to help close that gap, but so far 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 world lack access to financial services, face serious problems in managing, storing and transferring money, and accessing credit,” states Azteco CEO Alexander “Akin” Fernandez.
Block previously completed development of a prototype chip for the ASIC, which should accelerate the market entry of an open-source bitcoin mining rig.
Last year, Block partnered with venture capitalist Stillmark to invest $2 million in mining site operator Gridless.
The project promises no carbon footprint at all by using renewable energy sources from rural Africa.