May 23, 2024
A Venezuelan cryptocurrency wallet startup, El Dorado, has secured $3 million in funding from Coinbase Ventures and Multicoin Capital. The company participated in startup accelerator program Skydeck at UC Berkeley.
Launched in 2020, El Dorado's platform became available in 2023 to users in Colombia, Venezuela, Argentina, Peru, Brazil and Panama. It allows users to make international payments and transfers using stablecoins and other cryptocurrencies like Bitcoin.
Their goal is to provide Latin Americans with an alternative to local currencies and avoid situations like high inflation experienced in Venezuela and Argentina.
El Dorado is processing over 8,000 transactions daily and has surpassed one million total transactions. With the new funds, they aim to increase their income by over 900% in 2024 and reach 250,000 active users. They also plan to invest heavily in security to expand to new markets.
The platform uses a peer-to-peer (P2P) model that enables users to make international payments and earn income through exchanging cryptocurrencies and local currencies.
"We are building free markets that encourage monetary competition," Goncalvez said. "We want to make the benefits of cryptocurrency payments available in our region. We are creating an ecosystem where everyone can participate in the global economy securely and transparently, regardless of location or financial situation."
About El Dorado
El Dorado is the simplestP2P marketplace to buy and sell stablecoins in Latin America. With the El Dorado App, you can buy and sell dollars with the most popular payment methods in Latin America. Receive a digital wallet to send and receive BTC, USDT, USDC and other stablecoins.
Website: https://eldorado.io/en
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