Cross-border payment application El Dorado completes $9 million Series A financing, led by Paradigm

According to The Block, the Latin American cross-border payment app El Dorado has completed a $9 million Series A funding round, led by Paradigm, with participation from Coinbase Ventures and Verda Ventures.

El Dorado focuses on addressing the issues of low efficiency and high costs in cross-border payments in Latin America, covering 12 countries including Argentina, Brazil, and Colombia. It currently has over 100,000 active users and has processed more than 5 million transactions.

The company stated that its business has expanded to enterprise-level payment services, supporting cross-border trade and corporate cash flow, and has integrated stablecoin and fiat settlement systems into a unified payment architecture.

After this funding round, El Dorado further launched an enterprise payment product based on the Tempo Layer 1 blockchain. This network was co-incubated by Paradigm and Stripe, aiming to provide global enterprises with cross-border settlement capabilities without the need for local entities.

Analysts believe that as stablecoins and on-chain payment infrastructure accelerate their implementation in emerging markets, Latin American cross-border payments are becoming one of the important testing grounds for the integration of crypto finance and traditional payment systems.