Firm Identify: Azteco
Founders: Alexander Fernandez and Paul Ferguson
Date Based: 2014
Location of Headquarters: Santa Monica, CA
Quantity of Bitcoin in Treasury: Not disclosed
Variety of Staff: 12
Web site: https://azte.co/
Public or Non-public? Non-public
When Alexander “Akin” Fernandez first conceptualized Azteco over a decade in the past, he merely needed to make bitcoin simpler to acquire. He needed individuals to have the ability to buy bitcoin as seamlessly as they had been in a position to purchase a present card, and so he developed a system by which individuals should buy pay as you go bitcoin vouchers for as little as $10, redeemable in a minute.
Azteco vouchers are actually out there in over 190 international locations, purchasable on-line or with money with in-person distributors. The principle benefit to purchasing BTC by way of Azteco vouchers is the truth that you don’t should disclose your id to take action, to not point out the method of shopping for a voucher is fast and straightforward. Azteco presents each on-chain and Lightning capabilities, giving customers the selection to redeem their BTC on both the Bitcoin base chain or the Lightning Community, a Layer 2 funds community constructed on high of the Bitcoin blockchain.
Based on an estimate from Fernandez, over a million individuals have already bought Azteco vouchers. However his aspirations are far past the already-impressive variety of vouchers thus bought: he has his sights set on Azteco servicing a buyer base of over 30 occasions that, as Azteco does its half in “normalizing” Bitcoin.
A transcript of our dialog, edited for size and readability, follows beneath.
Frank Corva: The place did the inspiration for Azteco come from?
Akin Fernandez: It got here from my very own expertise of discovering out that getting bitcoin could be very tough. I noticed it does not should be like this. We might use a well-known system like a top-up voucher, which billions of individuals use to high up their cell phones, and apply that course of to getting bitcoin. All we’ve got to do is construct a software program, put distribution in place, after which it ought to simply work. And lo and behold, it does.
Corva: Did you will have a selected buyer base in thoughts if you designed Azteco?
Fernandez: Sure, I had myself in thoughts. I needed to have the ability to get bitcoin with out having to make any type of fuss or effort to do it. I needed to have the ability to go to the grocery store, purchase $20 value of bitcoin and put it straight onto my pockets. And I am not distinctive. I might assume that there have been different individuals who had been like me who might perceive the proposition and the benefit of use and who would take to it like a duck to water.
You discover that with innovations, many occasions they arrive about as a result of individuals are fixing issues for themselves, not as a way to get wealthy or for any motive aside from to unravel their very own issues. And since individuals are comparable, they resolve different individuals’s issues, too.
Corva: Talking of your personal expertise. I’ve learn that you simply had been unbanked for a time period. Is that this true and will you increase on it, in that case?
Fernandez: Nicely, I grew to become unbanked for a motive that I, till today, do not know. I went all the way down to “my” financial institution to money a test, and so they could not discover my account within the system. I had obtained no communication from them in writing or in any approach. Impulsively, I had no checking account. So, for a few years after that I did not have entry to bank cards or something that different individuals within the West take as a right.
This taught me a really, very huge lesson about how tough it’s to do something within the twenty first century if you do not have entry to banking services. You may neglect procuring on-line. You may neglect any type of comfort of going right into a retailer and paying with a card. All of that goes away.
So, after I was engaged on Azteco, it was made clear to me how highly effective a software it was going to be, as a result of, with Bitcoin, you can’t be unbanked by any third occasion. You’ve management over your artificial cash.
Corva: I’ve heard you utilize this time period “artificial cash” earlier than, and also you’ve mentioned how we shouldn’t consult with bitcoin as precise cash. Why is it vital that we do that?
Fernandez: It is vital as a result of it is true. Bitcoin shouldn’t be cash — it is a database. Can or not it’s used as cash? After all. It may be used as very, superb cash. It is a good simulation of cash. Nevertheless it does not should be cash for it to be helpful.
Additionally, for those who name bitcoin cash, all of the laws that the state has imposed on precise cash may be superimposed or brushed over Bitcoin inappropriately, making it onerous to make use of and slower to unfold. So, it is crucial to inform the reality about Bitcoin. Bitcoin has taken so lengthy to get into each nook and cranny as a result of there’s been this misconstruing of it as cash.
WhatsApp reached a billion individuals in 4 and a half years. That is the type of unfold into individuals’s telephones that we might anticipate if the rails to get onto Bitcoin had been frictionless, identical to they’re with WhatsApp.
The truth that Bitcoin has not reached that variety of individuals signifies that there is one thing incorrect in the way in which individuals are serious about it, and so it is vital for us to consider it appropriately.
Corva: How many individuals is Azteco reaching? Put one other approach, what number of vouchers did Azteco promote in Q3 or This autumn of 2023?
Fernandez: The precise numbers I haven’t got at hand being the CEO and never the CFO. However we had our largest ever month final month. I used to be advised this yesterday. The variety of vouchers we’re promoting is growing, and this can be a direct results of our growing our distribution and likewise the sentiment in direction of Bitcoin altering on a worldwide scale.
We are the best strategy to get bitcoin. When individuals uncover us, they are saying two issues: “To begin with, why is not every thing as straightforward as this?” and “How come I have never heard of this earlier than?”
Issues are synergizing and coming collectively to deliver us to some extent the place we’re a worldwide pressure for good and for getting Bitcoin to the individuals who want it essentially the most — the unbanked and the individuals who haven’t got entry to monetary rails or individuals who simply do not need to be the victims of the monetary rails.
The old fashioned crop of Bitcoin companies which have been serving individuals over the past 10 years all imagine that Bitcoin is cash and make it very tough to get an account. All people’s so inured to the thought of getting a checking account or an account of any sort, whether or not it is via electronic mail or the rest. The idea instantly is, “Nicely, in fact, I’ve to have an account with the intention to use this service.”
With Bitcoin, that is not true, although. No accounts are obligatory. [Some] pockets corporations are doing this appropriately. One among them is Samourai Pockets and one other is Pockets of Satoshi the place you don’t must open an account to make use of your personal cash.
They’re saying you shouldn’t have the ability to use bitcoin with out having an account. That’s what they’re making an attempt to do within the EU.
Corva: We’re doing it right here within the US with the Digital Asset Anti-Cash Laundering Act (DAAMLA), too, the invoice that Elizabeth Warren drafted.
Fernandez: These individuals are oath breakers. They’ve sworn an oath to defend and uphold the Structure, which ensures the free speech of each single American. Bitcoin is speech. It is a database the place speech is written down and saved and transmitted from one individual to a different.
And lest anybody suppose that I am choosing on the Democrats and never the Republicans, Cynthia Lummis has written a completely appalling invoice that I took nice pleasure in tearing to items on my weblog.
They don’t perceive what their position is as a public servant. A servant shouldn’t be answerable for its masters. A servant is obedient to the voters. It’s not their enterprise to inform individuals it’s important to KYC to make use of bitcoin.
Corva: On the subject of America and KYC-free bitcoin, do you see individuals utilizing Azteco as a result of they need KYC-free bitcoin?
Fernandez: To ensure that the American market to be cracked, the service needs to be defined. Individuals should be deprogrammed. They don’t perceive that bitcoin shouldn’t be a car to make you earn extra fiat.
Individuals have to be damaged out of those dangerous habits to be proven that truly there are higher methods to get issues achieved. The proper instance of that is WhatsApp.
Earlier than WhatsApp, individuals used to pay for SMS messages, whereas the thought of that is now unthinkable. An identical course of has to occur with Bitcoin the place you possibly can ship cash to members of the family with out having to undergo a 3rd occasion or pay exorbitant charges or determine your self or something like that.
With Bitcoin, you [also] get different delicate advantages. Hyperinflation is beginning to kick in and individuals are beginning to notice that there’s one thing incorrect with the cash.
Individuals discover it very tough to go to the basis reason behind the costs going up at McDonalds. Let’s say they did discover out the trigger, what might they do about it? They may go and get bitcoin, however it’s a number of steps down earlier than these individuals are going to see bitcoin as the reply.
Corva: I agree.
Fernandez: Additionally, the present crop of companies — huge companies like Binance, Coinbase — are synonymous with bitcoin. Azteco must be synonymous with getting bitcoin. The overwhelming majority of individuals on earth should not wealthy. They do not have $100,000 to spend on bitcoin. They dwell each day.
Since these individuals are not buyers and so they haven’t got spare cash to maintain in bitcoin within the hopes that it will go up — which in fact it’s going to — they should have bitcoin as day by day cash for on a regular basis spending.
When you begin speaking about this stuff, the enterprise alternatives and fashions begin to simply fall out of the dialog. All of those Cynthia Lummises and Elizabeth Warrens stop these enterprise fashions from rising as a result of they’re regulating one thing they don’t have any enterprise regulating.
Corva: Talking of different companies, I’ve heard you say good issues about Machankura, a protocol that makes it simpler for Africans to make use of bitcoin in a KYC method, and that it serves as a praise to Azteco. What different corporations within the Bitcoin house are a praise to Azteco?
Fernandez: Moral Bitcoin wallets are praise. By moral, I imply Samourai Pockets and Pockets of Satoshi. I do know that some individuals don’t like Pockets of Satoshi as a result of the structure on the backend is to not their liking, however these individuals don’t run companies — they don’t understand how tough it’s to do this stuff.
The most recent entrant to that is the Bitkey pockets. This Bitkey pockets is completely unbelievable. They’ve thought of this correctly. The consumer interface and consumer expertise — it will make everyone change their sport.
I have been saying for a very long time that any person like Apple, Microsoft or another firm goes to get into Bitcoin and produce all of that consumer expertise pondering to the method of utilizing Bitcoin. The present crop of corporations haven’t thought of consumer expertise.
Jack Dorsey’s Bitkey has been a kick within the bottom to lots of people who notice that we won’t simply stick with it doing what we need to do and anticipating individuals to only settle for it — the concept it’s important to write down your mnemonic earlier than you obtain your first transaction. It’s utterly loopy.
If Apple developed its personal Bitcoin pockets or clones one of many Bitcoin wallets on the market, Bitcoin goes to be uncovered to individuals in a approach that is very straightforward to know, very straightforward to eat. There would be the new technology of Bitcoin customers for whom Bitcoin is completely regular — not threatening, intimidating or horrifying.
Corva: The identical approach that utilizing WhatsApp or Uber is regular now…
Fernandez: That is precisely proper. Bitcoin has to turn into boring.
