Bitcoin tech firm JAN3 has recently announced raising $5 million in seed financing to accelerate the development of the AQUA Wallet.
Investors reportedly include the following business entities: Fulgur Ventures, Grupo Salinas, Tether, East Ventures, and NYDIG.
JAN3 has officially concluded a $5 million seed round led by Fulgur Ventures, with participation from Grupo Salinas, Tether, Lightning Ventures, East Ventures, Plan B Fund, Bitcoin Opportunity Fund, and NYDIG.
This seed financing will accelerate the development of the AQUA Wallet and support JAN3’s “nation-state initiatives.”
Oleg Mikhalsky, Partner at Fulgur Ventures said:
“At Fulgur Ventures, we are dedicated to supporting visionary entrepreneurs who are building the financial infrastructure of the future. Our investment in JAN3 reflects our confidence in their mission to accelerate Bitcoin adoption globally. We believe that JAN3’s innovative approach will play a pivotal role in advancing the Bitcoin and Liquid Network ecosystems and we are excited to support JAN3’s journey towards bringing about a more inclusive and efficient financial system.”
One focus for the seed raise was to bring on investors “that are strategic to JAN3’s expansion goals in Latin America and Asia. Grupo Salinas, founded by Ricardo Salinas, is a conglomerate of companies including Banco Azteca, Elektra, and TV Azteca, operating across media, retail, financial services, and telecommunication sectors.”
East Ventures is an investor in Indonesia and Japan, and its co-founder Batara Eto “initiated the transformation of Metaplanet into a Bitcoin Treasury company.”
JAN3’s new funding follows an “oversubscribed pre-seed round of $620,000 that was closed in early 2023.”
As part of the current seed financing, $1 million of capital will “be allocated to establish a Bitcoin Treasury for JAN3, consisting of 12 BTC, acquired at an average cost of $83,333.33 per BTC.”
JAN3 is dedicated to accelerating Bitcoin adoption worldwide and this funding and “treasury creation marks a major milestone in that mission.”
The JAN3 team has been instrumental in “establishing relationships with leaders in as many as 17 countries to begin discussions on how Bitcoin strategies can benefit their nations.”
AQUA, a Bitcoin and Layer 2 wallet, is JAN3’s flagship product and “a key pillar for grassroots Bitcoin adoption in the Global South.”
Paolo Ardoino, Tether CEO, said:
“JAN3’s AQUA wallet has found excellent product-market fit by offering the perfect balance of saving in Bitcoin with spending in USDt.”
This seed funding will take AQUA to the next phase of its “mission to onboard a billion people to Bitcoin.”
The focus for the past year has been “optimizing the core AQUA offering: seamless swaps across Bitcoin layers and with Tether USDt – all in a self-custodial wallet.”
With the new funding, the priority will shift to “growth and adding more Marketplace integrations, such as credit cards, loans, and local on/off ramps.”
Samson Mow, CEO of JAN3 said:
“We’ve seen rapid growth in both user adoption and volumes, with the month of November 2024 alone crossing $11 million in swap volume. By leveraging advanced technologies like the Lightning and Liquid Networks, we’ve managed to create a Bitcoin Superapp that’s able to deliver real utility and is being used in daily life around the world. It just works, and it’s only going to get even better.”
With the AQUA Wallet, JAN3 aims to bridge gaps in the global financial system, “providing solutions for those who have been left behind.”
Whether it’s helping families in Latin America find stability in uncertain economies, enabling small businesses in Southeast Asia to thrive, or providing savings tools for individuals in underbanked regions, AQUA is “making Bitcoin accessible to anyone who wants to take control of their finances.”
