Bitcoin entrepreneur Samson Mow who is a former chief strategy officer of Blockstream and founder of Pixelmatic recently said, he has started a new company called JAN3 which will focus on promoting Bitcoin (BTC) adoption. 

As per Chinese-Canadian Bitcoin entrepreneur JAN3 has already signed a memorandum of understanding to assist in developing digital infrastructure in El Salvador. JAN3 has reportedly raised $21 million in funding at a valuation of $100 million according to its newly established Twitter account, which has a rapidly growing following of 3,300. Among the participants in the funding round was chief investment officer of Atlanta Digital Currency Fund Alistair Milne, co-founder of crypto mining company F2Pool Chun Wang, and El Zonte Capital, a new investment fund established by prominent bitcoin bull Max Keiser and his wife, Stacy Herbert.

Two new jurisdictions are adopting Bitcoin as legal tender as announced in a speech by Mow at the Bitcoin 2022 Conference. The Caribbean island of Roatán and Madeira, an autonomous region of Portugal are among the new jurisdictions. Also, Mexico is mentioned by Mow but the country has not decided whether to pursue the idea.

The name "JAN3" refers to the day Satoshi Nakamoto mined Bitcoin's first block - also known as the "genesis block" - on January 3, 2009. Playing on the company's name, the company's first tweet made reference to The Times' headline that day. According to Mow, it was too early to put a monetary value on the deal.

El Salvador’s President Nayib Bukele and its government is working on the establishment of Bitcoin City a development that will reportedly use geothermal power from nearby volcanoes to power Bitcoin mining as well as the city‘s infrastructure. Mow and his new firm will work alongside El Salvador’s President for this.

The Central American nation last month postponed its bitcoin-backed bond issue due to the invasion of Ukraine and volatility in cryptocurrency markets. Mow has worked as an advisor to President Nayib Bukele for a $1 billion bitcoin-backed bond issue Bukele proposed that Bitcoin City be created in November, which would provide tax advantages for investors and use geothermal energy. 

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Indrani bose

CBW - External Analyst

INDIA