PANews 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% of these being B2B trade-related payments. The company focuses on covering "internal corridors" not typically covered by major traditional players, such as Brazil-Bolivia, and already boasts over 100,000 active users, processing over 5 million transactions. El Dorado 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. This business is built on Tempo, a Layer 1 blockchain incubated by Paradigm and Stripe.