Multicoin, Coinbase Ventures Invest in Latin American Stablecoin-Powered SuperApp El Dorado
Summary
Colombia-based stablecoin protocol El Dorado has raised $3 million in a seed venture capital investment round to develop a crypto payments superapp for Latin America. The round was led by Multicoin Capital, with participation from Coinbase Ventures, UC Berkeley Skydeck, and Awesome People Ventures. El Dorado provides a cheaper method for sending, exchanging, and paying using blockchain, charging a 0.6% fee for cross-border payments and offering free in-app payments. The app supports Tether's USDT, Circle's USDC, and Celo Dollar (cUSD) stablecoins on the Tron, Polygon, and Celo networks, and also allows bitcoin transactions. It is connected to over 70 local payment methods and has processed about one million transactions in the past year.
