Multicoin, Coinbase Ventures Invest in Latin American Stablecoin-Powered SuperApp El Dorado

Multicoin Capital and Coinbase Ventures have made a joint investment in El Dorado, a Colombia-based stablecoin protocol. The company raised $3 million in a seed funding round, with participation from UC Berkeley Skydeck and Awesome People Ventures. El Dorado aims to build a crypto payments “superapp” for the Latin American region, providing a cheaper and more efficient alternative to traditional banking and remittance processes. The platform charges a 0.6% fee for cross-border payments, significantly less than the industry average, while in-app payments are free. El Dorado supports various stablecoins, including Tether’s USDT, Circle’s USDC, and Celo Dollar (cUSD), as well as bitcoin transactions. With over one million transactions processed in the past year, El Dorado aims to address the inflation and excessive fees faced by individuals in the Latin American economy.