Paradigm, one of crypto’s most influential venture firms, is leading a $9 million funding round into El Dorado, a Latin American payments app built around stablecoins and peer-to-peer exchange.
The round triples the size of El Dorado’s previous raise. The company closed a $3 million seed round in mid-2024 led by Multicoin Capital, with Coinbase Ventures and Berkeley Skydeck also participating.
What El Dorado actually does
The platform lets users trade digital dollars and stablecoins peer-to-peer, convert fiat to digital assets instantly, and send money across borders without the usual friction. The app integrates with over 70 local payment systems across Latin America, including widely used platforms like Pix, PayPal, and Zelle.
El Dorado leans heavily on USDT running on Arbitrum, Ethereum’s leading layer-2 scaling network. El Dorado has surpassed 1 million users and processed more than 4 million P2P transactions since launch. In Venezuela specifically, it ranks as the fourth most-downloaded finance app.
