Colombian cryptocurrency wallet El Dorado raised $3M in a seed round led by Coinbase Ventures and Multicoin Capital. This funding follows El Dorado’s participation in UC Berkeley’s Skydeck acceleration program.
El Dorado will use the funds to invest in growing its user base and improving security features to meet regulations to be able to enter new markets.
“We want to ensure that all Latin Americans have the option to escape local currencies and avoid inflation-driven depreciation like in Venezuela and Argentina,” said Guillermo Goncalvez, El Dorado’s Co-Founder and CEO.
El Dorado operates a peer-to-peer cryptocurrency wallet that allows users to make cross-border payments and earn additional income through stablecoin exchanges.
Founded in 2020, El Dorado operates in Colombia, Venezuela, Argentina, Peru, Brazil, and Panama facilitating the exchange of stablecoins.
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