- El Dorado will enable P2P exchanges of stablecoins, a trend gaining traction in the global crypto market.
- It already has 200,000 users regionally and joins the 330 fintech companies currently operating in Argentina.
The startup El Dorado, specializing in cryptocurrency payments and transfers, has announced its launch in Argentina with a $500,000 investment.
Founded by Venezuelan entrepreneurs Guillermo Goncalvez and Juan Andreu, this wallet focuses on the use of stablecoins like USDC and USDT, in addition to the traditional Bitcoin, to facilitate international transactions.
The company aims to become a benchmark for the P2P (peer-to-peer) model in Argentina, a country where the adoption of fintech and crypto solutions is on the rise.
The Argentine market has solidified its position as a hub for financial technology startups. According to recent data, there are around 330 fintechs operating in Argentina, making it one of the most dynamic markets in the region.
According to the latest official data from the Argentine Fintech Chamber, there are 330 fintech companies in the country, of which 240 are associated with the chamber, distributed across nine verticals:
- Digital payments
- Virtual assets
- Business finance
- Loans and crowdfunding
- Technology for financial institutions
- Insurtech (insurance)
- Financial assets and capital markets
- Personal finance management
- Disruptive financial entities
The country’s economic context, marked by inflation and currency restrictions, has created a high demand for technologies that allow people to protect their money and conduct cross-border transactions, something El Dorado seeks to capitalize on.
Crypto Landscape in Argentina
Buenos Aires has been recognized as the “crypto capital of Latin America” due to its thriving ecosystem. The strong adoption of cryptocurrencies in the country is a response to the need to preserve value against the constant devaluation of the Argentine peso. This has created a favorable environment for platforms like El Dorado, which aim to offer stable financial alternatives through the use of cryptocurrencies.
This wallet will not only allow users to make payments and transfers but also participate in P2P exchanges of stablecoins, a trend gaining traction in the global crypto market. With over 200,000 users regionally and one million transactions, the platform is positioned to compete with other local wallets.
The Path to Innovation
El Dorado’s business model is based on the premise of currency competition. Goncalvez, with a long background in the crypto world, has highlighted the potential of the P2P model to empower users and provide them with an alternative to local currencies.
The $3 million seed capital that El Dorado raised in December 2023, led by major funds like Multicoin Capital and Coinbase Ventures, has been key to its expansion. With this funding, the company plans to launch new financial products based on DeFi (decentralized finance) and continue developing its cryptocurrency payment ecosystem.
Looking ahead to 2025, El Dorado plans to expand its product offerings, including savings, yield, and DeFi-based loans for stablecoins. This offering targets not only individual users but also small and medium-sized enterprises looking to make low-cost, efficient international payments.
With a strong focus on innovation and financial inclusion, the platform aims to become an active player in the region, offering solutions that meet users’ needs in an increasingly digitalized economic environment.