Former Blockstream Executive Samson Mow Raises $21m for Bitcoin Startup JAN3
Nicholas Otieno Apr 07, 2022 20:07
Samson Mow said that the new firm will support his nation-state's Bitcoin adoption initiatives.
On Thursday, Samson Mow, a highly talented Bitcoin infrastructure developer and the former Chief Strategy Officer at Blockstream, announced that he has formed a new crypto company called ‘JAN3’.
Mow revealed the announcement when he had a conversation with Reuters on the sidelines of the Bitcoin 2022 conference in Miami Beach. He also disclosed that the company has raised $21 million in a funding round that gives it a valuation of $100 million.
Mow said that investors who participated in the initial funding round involved Alistair Milne, Chun Wang – co-founder of mining firm F2Pool – and El Zonte Capital, an investment firm launched by Max Keiser and Stacy Herbert.
The name of the new firm ‘JAN3’ refers to the genesis block of Bitcoin, January 3, 2009, the day the Bitcoin network came into existence, Mow explained.
The Bitcoin entrepreneur stated he created the new firm to focus on promoting Bitcoin adoption. He further disclosed that the company has signed a memorandum of understanding (MOU) to build a digital infrastructure in El Salvador. “It’s a general MOU that says we’ll work together to build digital infrastructure for the country and Bitcoin City,” Mow told Reuters.
Mow announced his new firm on Thursday at the Bitcoin 2022 Conference in Miami.
“JAN3 will be focused on advancing Bitcoin and [layer 2] technologies like Liquid and Lightning, which are the key to mass adoption and a Bitcoin circular economy. The company will also support my nation-state Bitcoin adoption initiatives and contribute expertise to infrastructure development projects,” Mow elaborated further.
Going Big on Bitcoin Adoption
Last month, Samson Mow, Blockstream’s Chief Strategy Officer, left the company after working for the firm and with the legendary Adam Back, original cypherpunk and Blockstream’s CEO, for the last five years. Together they have accomplished a great deal, from sidechains to mining to satellites.
Mow now focuses on nation-state Bitcoin adoption. With the expert tactical advice he gets from Blockstream, he is the guy to make it happen.
When El Salvador announced the creation of the Bitcoin-backed bond (Volcano Bonds) in November last year, Mow served as the face of Blockstream. He worked as an advisor to El Salvador President Nayib Bukele for the $1 billion Bitcoin-backed bond issue. However, the Central American nation postponed the program last month amid the invasion of Ukraine and crypto market volatility.
The government of El Salvador legalized Bitcoin (BTC) as legal tender last year. Since then, more and more countries have become interested in adopting Bitcoin. According to Mow, the Bitcoin nation-state adoption business is too good to pass.
Speaking at the Bitcoin 2022 conference in Miami yesterday, Mow mentioned three new jurisdictions (Roatán, Honduras and Madeira) adopting or proposing to adopt Bitcoin as legal tender.
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