El Dorado bridges SWIFT payments for Bolivian importers using stablecoins

Bolivian importers are struggling to access USD through traditional banks due to foreign exchange shortages and high SWIFT fees. El Dorado has launched a B2B product, El Dorado Business, allowing companies to open USD accounts to send and receive SWIFT, ACH, and wire transfers. The platform uses a 'stablecoin sandwich' model, bridging local currencies like the Bolivian boliviano to USDT or USDC to facilitate cross-border payments. The company recently raised $9 million in a Series A round led by Paradigm with participation from Coinbase Ventures.