TLDR:
- Colombia-based stablecoin protocol El Dorado completed a $3 million seed venture capital investment round led by Multicoin Capital.
- The app provides a cheaper way to send, exchange, and pay using blockchain as a payment rail in Latin America.
Stablecoin adoption in Latin America is on the rise, with many turning to crypto tokens for protection against currency devaluation and affordable remittances. El Dorado, a stablecoin protocol based in Colombia, recently secured a $3 million seed investment led by Multicoin Capital, with participation from Coinbase Ventures, UC Berkeley Skydeck, and Awesome People Ventures. The platform aims to build a crypto payments “superapp” for the region, offering a cheaper alternative for cross-border payments, exchanges, and in-app transactions. It supports multiple stablecoins such as USDT, USDC, and cUSD on various networks, as well as bitcoin transactions. With over one million transactions processed in the past year, El Dorado is making strides in improving financial accessibility and efficiency in Latin America.
