El Dorado

About El Dorado

El Dorado is a financial technology company positioning itself as a stablecoin-powered SuperApp for Latin America. The company was founded in 2020 by CEO Guillermo Goncalvez and CTO Juan Carlos Andreu. The founders, both from Venezuela, drew upon their firsthand experiences with hyperinflation to create a platform that provides financial stability through digital dollars. Goncalvez's journey into the crypto space began in 2013 as a finance student in Caracas, where he recognized Bitcoin's potential as a tool for financial inclusion amidst severe economic restrictions. He went on to establish one of the first Bitcoin mining operations in Latin America and became an active user of peer-to-peer exchanges, which solidified his belief in their power to serve economically strained regions.

The firm's primary offering is a peer-to-peer (P2P) marketplace that facilitates the buying, selling, and trading of stablecoins, mainly USDT, using a wide array of local payment methods. The platform integrates with over 70 finance apps, including popular services like Zelle, PayPal, Pix, and Nequi, effectively bridging the gap between the traditional financial system and the digital economy. This interoperability allows users to move funds between different payment applications, a key use case for freelancers and others who receive payments through various channels. El Dorado targets individuals and businesses in Latin American countries such as Venezuela, Argentina, Colombia, Peru, Brazil, and Panama, offering a shield against local currency devaluation and simplifying cross-border remittances. By enabling gasless transactions on networks like Tron and utilizing Layer-2 scaling solutions like Arbitrum, the platform significantly reduces transaction costs and speeds up processing times compared to traditional remittance services. Revenue is generated from fees on transactions processed through the platform.

The company has achieved significant user adoption, reporting over one million downloads and serving a community of more than 500,000 users by early 2025. It became the most downloaded crypto application in Venezuela in 2024. El Dorado has secured a total of $3.45 million in funding over two rounds. A major seed round in May 2024, led by Multicoin Capital and Coinbase Ventures, raised $3 million, following earlier backing from Berkeley SkyDeck and other angel investors. This capital is earmarked for user base expansion, enhancing security features, and navigating regulatory landscapes for entry into new markets. The platform also offers business accounts with higher transaction limits and dedicated support.