What to know:
- Stablecoin payments firm El Dorado raised $9M in Series A funding led by Paradigm.
- El Dorado operates in 12 LATAM countries and has processed over 5M transactions.
- The platform targets underserved corridors, including Brazil-Bolivia business flows.
Stablecoin payments platform El Dorado raised $9 million in Series A funding led by Paradigm. The round supports its Latin America transfer expansion across underserved regional markets. Coinbase Ventures and Verda Ventures also joined, according to Paradigm’s June 15 announcement.
Paradigm said that the investment supports El Dorado’s payment infrastructure plans. The company specializes in cross-border transfers, which are slow, expensive, and difficult to access. It offers services based on stablecoin payments in multiple LATAM markets.
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El Dorado Sees Large Cross-Border Payment Demand
Paradigm’s partner for investing and research, Ricardo de Arruda, labeled the region a big opportunity. More than $100 billion are paid annually across Latin America, he said. He added that current systems remain expensive.
El Dorado was established in 2022 by Latin American immigrants. The company stated that it has now got over 100,000 active users. It has already processed more than 5 million transactions in the region.
The platform is active in 12 countries. Its market includes Argentina, Bolivia, Brazil, Colombia, the Dominican Republic, and Ecuador. El Dorado supports consumer transfers and the payment activity of businesses.
CEO Guillermo Goncalvez provided a more general estimate of the market. Annual cross-border payment activity in Latin America could be more like a trillion dollars, he said. That amount incorporates broader financial flows not tied to remittances.
Stablecoin Payments Support B2B Transfer Demand
Some 60% of those transactions are business-to-business payments, Goncalvez said. These flows are related to U.S.-Latin America imports and exports. He said demand also comes from corridors often overlooked by large fintech firms.
El Dorado’s most frequent route is that between Brazil and Bolivia. Goncalvez said the corridor is still lacking in service even though there is significant commercial activity. He also pointed to Bolivia, Paraguay, Ecuador, and Peru as markets that are undercovered when it comes to fintechs.
The company has also launched a business platform. According to El Dorado, the offering is a combination of fiat rails and stablecoin payments within a single app. It enables multi-signature and multi-organization account types.
More than 100 business customers have joined the platform, according to Goncalvez. One common use case is electric vehicle imports from China, he said. The service goes beyond transfers for consumers and extends El Dorado.
Paradigm Expands Payment Push Through Tempo
El Dorado’s service is built on Tempo, a Layer 1 blockchain developed through a partnership between Paradigm and Stripe. The network supports stablecoin payments for businesses using cross-border accounts.
Tempo’s network provides businesses more access, said Josh Itzkovitz, GTM at Tempo. The business can be opened without a legal entity in the United States, he said. That structure enables companies doing business in various markets.
The funding is part of Paradigm’s overall activity this year. The firm has also teamed up with Stripe on Tempo and invested in SendCutSend’s $110M round. The company also took part in U.S. stablecoin payments policy debates.
El Dorado now plans to expand its payment network. It is aimed at countries where fintech is relatively underdeveloped. The round shows investor interest in stablecoin payments across Latin America.
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