Samson Mow, a Bitcoin entrepreneur, has started a new company called JAN3, which has purportedly raised $21 million in finance at a $100 million value.
On Thursday, Samson Mow, the former chief strategy officer of Blockstream and the founder of Pixelmatic, announced the launch of JAN3, a new firm dedicated to increasing Bitcoin adoption. JAN3 has already signed a memorandum of understanding to aid in the development of digital infrastructure in El Salvador, according to the Chinese-Canadian Bitcoin entrepreneur.
“It’s a broad memorandum of understanding that states, “We will collaborate to construct digital infrastructure for the country and for Bitcoin City.”
JAN3’s decision to engage with El Salvador, according to Mow, was an easy one “”I just started my firm and asked if they wanted to collaborate, and they said yes.” Mow and his new firm will collaborate with El Salvador’s President, Nayib Bukele, and the country’s government to help build Bitcoin City, a project that would purportedly use geothermal energy from neighbouring volcanoes to power Bitcoin mining and the city’s infrastructure.
According to JAN3’s newly launched Twitter account, which has 3,300 followers and is rapidly increasing, the company has raised $21 million in capital at a $100 million valuation. Alistair Milne, CIO of Atlanta Digital Currency Fund, Chun Wang, co-founder of crypto mining business F2Pool, and El Zonte Capital, a new investment fund created by notable Bitcoin bull Max Keiser and his wife, Stacy Herbert, led the funding round.
The news comes after Mow announced at the Bitcoin 2022 Conference that two additional jurisdictions — the Caribbean island of Roatán and Madeira, a Portuguese autonomous unit — would be accepting Bitcoin as legal cash. Mexico was also suggested by Mow, although the country is still debating the proposal.
The name “JAN3” is a tribute to Satoshi Nakamoto, Bitcoin’s pseudonymous originator, who mined the first block — commonly known as the “genesis block” — on January 3rd, 2009. The company’s first tweet was a not-so-cryptic reference to The New York Times’ headline of the day, playing on the name.
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
— JAN3 (@JAN3com) April 7, 2022
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.