Cryptocurrencies: a platform for buying and selling assets between people has landed in Argentina

Its peculiarity is that allows you to make international payments with stablecoins, to solve the lack of interoperability between payment methods in Latin America. In the case of Argentina, it allows buying and selling the two most well-known stablecoins USDT and USDC, among others, with Argentine pesos with any bank.

“El Dorado P2P is a free market for buying and selling crypto dollars, mainly USDT on Tron. Our main competitive advantage is instant interoperability which provides the possibility of moving money among more than 70 finance and payment apps most used in Latin America,” explained Guillermo Goncálvez, CEO and co-founder of El Dorado.

The platform is also available to residents of Brazil, Colombia, Peru and Venezuela. It has just completed a seed capital round in which raised US$3 million and already has more than 200,000 users and 1 million transactions in its first 12 months of operations.

Its goal is to become a payments “superapp” that changes the way Latin Americans exchange, save and send money.

By the end of the second half of 2024 They hope to reach 10 thousand active users in Argentina and become a reference P2P market within the country. Meanwhile, for next year it plans to launch more products related to savings, returns and DeFi loans for stablecoins.

Alessandro Cecere, CMO and co-founder, highlighted when asked by Scope: “The Argentine crypto market outlook is an excellent opportunity for us due to the particularities of its economy and the need of its inhabitants to protect their income. Argentina It is the largest crypto market in Latin America and there are conditions such as inflation and exchange controls that allow stablecoin p2p markets, such as El Dorado P2P, to present themselves as a convenient alternative to access dollars in digital form and make or receive international payments.”

The app’s launch began in Buenos Aires and it is seeking to expand to provinces such as Córdoba, Santa Fe, Entre Ríos and Mendoza, where it has already added some users.

The startup aims to expand digital payments in the region

The US$3 million it recently obtained in the first round of seed capital will be invested in expansion and growth. Part of that amount was allocated to the landing in Argentina. The investment round was led by the Multicoin Capital fund, with participation from Coinbase Ventures, Berkeley Skydeck of the University of California and other investors.

With this new capital, the company seeks to accelerate the adoption of P2P markets for stablecoins in the region and reduce costs in money transactions, particularly in traditional cross-border payments that have historically been slow and expensive. In that sense, the bet is on Expand digital payments.

Currently it has more than 70 payment methods such as Mercado Pago, Brubank, Ualá, Lemon and bank transfers, among others.

“We are committed to the free market, it is part of our business premise, we are building free markets that encourage competition and currency trade between countries. We want to make sure that all of us, Latin Americans, we have the option to escape from the local currency, ensuring that, for example, what happened in Venezuela and Argentina in relation to inflation is not repeated,” added the CEO and co-founder of El Dorado.

“We want the benefits of making payments with crypto to be possible in our region, which is why we are building an ecosystem in which every person, regardless of their location or financial situation, can participate in the global economy in a transparent and secure manner,” concluded Goncalvez.