Association Calls for Supervision of Global Crypto Traders Owned by Indonesian Consumers

Block CEO and former Twitter co-founder Jack Dorsey led an initial USD 6 million or IDR 89.5 billion round (assuming an exchange rate of IDR 14,922 per US dollar) for Bitcoin payments startup Azteco.

Azteco offers a unique way to buy Bitcoins around the world with a focus on making it easier for unbanked users to use digital money.

Users can purchase Azteco vouchers online or at local physical stores, which can then be exchanged for Bitcoins. The working model is similar to buying a gift card or cell phone recharge

Since users do not have to go through an exchange to buy Bitcoins in their native currency, this method gives users more flexibility and has become recognized in crypto circles as a project with the potential to help the unbanked.

In a statement, renowned Bitcoin investor and enthusiast Dorsey said he was honored to support Azteco as it tries to help unbanked individuals enter the financial system.

“The unbanked population is huge. We have the technology and resources to close this gap, but to date, no one has taken the next important step,” said Dorsey.

Dorset added, Azteco provides more than just access to a secure financial system it builds a secure financial self-determination ecosystem supported by the local community.

Along with Dorsey, other investors backing the startup include Lightning Ventures, Hivemind Ventures, Ride Wave Ventures, Aleka Capital, Visary Capital, Gaingels and serial entrepreneur Sunil Rajaraman.