BlockBeats News, June 15th, Latin American cross-border payment app El Dorado has completed a $9 million Series A funding round, led by Paradigm. Coinbase Ventures and Verda Ventures also participated in this round of investment.

El Dorado focuses on addressing the issues of low efficiency and high costs in Latin American cross-border payments, covering 12 countries including Argentina, Brazil, and Colombia. It currently has over 100,000 active users and has processed over 5 million transactions.

The company has stated that its business has expanded to provide enterprise payment services, supporting cross-border trade and corporate fund flows, and integrating stablecoins and fiat settlement systems into a unified payment architecture.

Following this funding round, El Dorado will further launch an enterprise payment product based on the Tempo Layer 1 blockchain. This network, co-incubated by Paradigm and Stripe, aims to provide global enterprises with cross-border settlement capabilities that do not require a local entity.

Analysts believe that as stablecoins and on-chain payment infrastructure accelerate their adoption in emerging markets, Latin American cross-border payments are becoming one of the important test beds for the integration of crypto finance and traditional payment systems.