Paradigm led a $9 million funding round for El Dorado, further strengthening its cross-border payment infrastructure in Latin America.

CoinFeed reported on June 15th that, according to The Block, venture capital firm Paradigm led a $9 million Series A funding round for Latin American cross-border payment app El Dorado, with participation from Coinbase Ventures and Verda Ventures. El Dorado stated that the Latin American cross-border payment market is approaching $1 trillion, currently dominated by remittances from the US to Latin America, with approximately 60% being B2B trade-related payments. The company focuses on covering "internal corridors" such as Brazil-Bolivia, which are not typically covered by major traditional payment providers, and already boasts over 100,000 active users and has processed over 5 million transactions. El Dorado has also launched a cross-border payment service for businesses, integrating stablecoin and fiat currency channels, and has already served over 100 companies, primarily for importing electric vehicles from China.