Key facts
- Paradigm led a $9 million Series A funding round for El Dorado.
- Coinbase Ventures and Verda Ventures also invested in the round.
- El Dorado targets Latin American cross-border payments, including "internal corridors" like Brazil-Bolivia.
- The app has over 100,000 active users and processes over 5 million transactions.
- El Dorado offers a business service integrating stablecoin and fiat for cross-border payments.
- The business service has served over 100 companies, including those importing EVs from China.
Venture capital firm Paradigm has led a $9 million Series A funding round for El Dorado, a Latin American cross-border payment application. Coinbase Ventures and Verda Ventures also participated in the investment.
El Dorado aims to capture a significant portion of the estimated $1 trillion Latin American cross-border payment market, which is largely driven by remittances from the U.S. The company specifically targets "internal corridors" that are often overlooked by traditional financial institutions, such as the route between Brazil and Bolivia.
The app has already garnered over 100,000 active users and facilitated more than 5 million transactions. Furthermore, El Dorado has expanded its offerings to include a cross-border payment service for businesses. This service integrates both stablecoin and traditional fiat currency channels, and has already been adopted by over 100 companies, notably for the import of electric vehicles from China.
The underlying technology for El Dorado's business service is Tempo, a Layer 1 blockchain that was incubated by Paradigm in conjunction with Stripe.