[PRESS RELEASE – Buenos Aires, Argentina, January 21st, 2025]
El Dorado, Latin America’s leading SuperApp for stablecoin payments, celebrates significant milestones that validate its mission of bridging the interoperability gap between stablecoins and LATAM’s top finance apps. With its peer to peer USDT marketplace, El Dorado is fostering access to digital dollars and seamless cross-border payments in the region.
Venezuela’s Most-Downloaded Crypto App
In 2024, El Dorado P2P was the most-downloaded cryptocurrency app in Venezuela, as people embraced Tether as the digital dollar, an everyday means of payments, and a hedge against the country’s currency devaluation. The platform also ranked among the Top 5 finance apps across the country, with over 28,000 reviews on Google’s Play Store, underscoring its growing reputation and adoption.
A Stablecoin-Powered SuperApp for Latin America
El Dorado’s SuperApp connects stablecoins like Tether (USDT) and MountainUSD (USDM) to the region’s top 70 finance apps. By bridging the interoperability gap between digital dollars and Latin America’s traditional financial system, the company has become the region’s leading peer-to-peer stablecoin marketplace, having powered over three million transactions in digital dollars; Tether.
Guillermo Goncalvez, Co-founder and CEO of El Dorado, highlighted the company’s growth and impact: “In just two years, we’ve gone from $0 to $2.7 million in Annual Recurring Revenue (ARR), showcasing the power of our marketplace’s network effects, and the trust we’ve earned from users. By solving the interoperability gap, we’re creating freer currency markets and enabling cross-border transactions that were previously costly or inaccessible.”
Record-Breaking Growth
With over 500,000 downloads on Google’s Play Store and the App Store combined, and more than 500,000 users, El Dorado has demonstrated its ability to meet the needs of Latin America’s dynamic financial landscape.
Alessandro Cecere, Co-founder and CMO of El Dorado, reflected on the platform’s rapid expansion: “The explosive growth we’ve seen over the last two years—including a 12x increase in ARR in 2024, and over 600,000 downloads—is a testament of our unique multi-channel acquisition strategy, and an excellent product that allows us to onboard new users to stablecoins across Latin America.”
The platform’s integration of stablecoins with local financial networks has addressed critical challenges like currency instability and high remittance costs. By providing a seamless way to convert local currencies into digital dollars, El Dorado empowers users to participate in freer, more efficient cross-border payments.
Piloting Gasless USDT Transactions With Tron DAO
In collaboration with Tron DAO, El Dorado successfully piloted one of the first gasless transactions using USDT. This campaign eliminated network fees for users, making digital dollars more accessible and affordable for cross-border payments. The gasless model marks a significant step forward in reducing barriers to entry for users across Latin America, ensuring seamless financial interactions without the hidden costs typically associated with blockchain technology.
Introducing USDM Self-Custodial Wallets
El Dorado has partnered with Mountain Protocol and Safe to enable a USDM self-custodial wallet. This wallet allows Latin American users to securely store their digital assets while providing access to U.S. Treasuries. By bridging the gap between traditional finance and blockchain, this collaboration offers users the opportunity to participate in stable and high-quality financial instruments previously unavailable to many in the region.
Partnering with Arbitrum Foundation for Faster Transactions
Through a strategic partnership with the Arbitrum Foundation, El Dorado is enabling cheaper and faster ways to move digital dollars, such as Tether (USDT), for over 600,000 Latin Americans. The collaboration leverages Arbitrum’s efficient and scalable blockchain infrastructure to reduce transaction costs and improve speed, empowering users to send and receive digital payments without friction.
Looking Ahead
As El Dorado builds on its success, the company is dedicated to furthering its mission of interoperability and financial inclusion. Upcoming initiatives include expanding partnerships with local financial institutions, launching educational programs on stablecoin adoption, and introducing new features for cross-border and B2B payments powered by Tether. These efforts aim to empower underserved communities and foster a more resilient financial ecosystem in Latin America.
About El Dorado
El Dorado is Latin Americans’s leading Stablecoin-Powered SuperApp that enables users to buy, sell, and use stablecoins like USDT and USDM across Argentina, Bolivia, Brazil, Colombia, Panama, Peru, and Venezuela. With a focus on interoperability, simplicity, and financial inclusion, El Dorado is transforming how people in the region transact and manage their finances.
For more information, users can visit El Dorado or contact the team at marketing@eldorado.io
