El Dorado Brings Currency Stability in LATAM

The need for currency stability has never been more pressing in regions grappling with economic uncertainty. In countries like Venezuela, Colombia, and Argentina, El-Dorado is stepping in to provide a solution. As a leading stablecoin wallet, El-Dorado provides users to access the dollar through Tether (USDT) and Mountain (USDM), both stablecoins pegged to the American dollar. With over 1 million downloads, El-Dorado has quickly become the number one finance app in Venezuela, reshaping how individuals manage their savings and finances.

A Solution to Economic Instability

In regions plagued by inflation and currency devaluation, the ability to access a stable currency is essential. El-Dorado addresses this need by allowing users to convert their local currencies into USDT, providing a reliable store of value. This access to the dollar not only helps users safeguard their savings but also facilitates everyday transactions in a more stable currency.

For many individuals in Venezuela, Brazil, and Argentina, traditional banking services and payments solutions are often inaccessible or fraught with high fees. The challenge is clear: how can El-Dorado provide a seamless and cost-effective solution that meets the needs of users in these markets? The answer lies in harnessing Ethereum as its foundational backbone, enabling the elimination of intermediaries, reducing costs, and providing a credible, secure, and censorship-resistant platform.

El-Dorado’s mission is to create a user-friendly platform that simplifies financial transactions while ensuring security and ease of use.

“In a market where traditional banking often fails to serve the people, we knew there had to be a better way,” explains Guille, the Chief Operating Officer of El-Dorado. “Our goal is to empower users by providing them with the tools they need to manage their finances effectively.”

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Building the El-Dorado App

To achieve their ambitious goals, El-Dorado partnered with Candide, the go to developer platform and infrastructure known for turning complex blockchain interaction into a seamless user experience . El-Dorado was able to build a robust application that abstracts the complexities of blockchain technology, allowing users to enjoy a seamless experience without needing to understand the underlying mechanics.

With Candide’s support, El-Dorado can offer features that improve user experience while maintaining top-notch security. The integration of Candide’s solution means that users can engage in transactions without the burden of gas or complicated processes.

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Zero-Gas on Arbitrum: A Game Changer

One of El-Dorado’s standout features is its zero-gas fee transaction model, made possible through Candide’s Paymaster. This approach allows users to send and receive funds without needing to understand the concept of transaction gas, a significant advantage in the web3 ecosystem. El-Dorado charges its fees in the stablecoin the user is using to make the transfer, creating an intuitive experience while being more competitive than traditional payment systems like Wise (formerly TransferWise). This efficiency is bolstered by Arbitrum, the Ethereum scaling solution that reduces transaction gas fees to less than a penny.

“People are often astonished when we tell them they can send money for just a few cents,” says Juan, the Chief Technical Officer at El-Dorado. “Thanks to Candide’s Paymaster API, we can abstract blockchain transaction fees, offering a smooth experience for our users.”

This zero-gas fee, low-cost model resonates particularly well with users who frequently send smaller amounts, such as families supporting loved ones or freelancers receiving payments. By eliminating transaction costs, El-Dorado empowers users to transfer funds without the anxiety of losing money to fees.

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Stablecoins: Delivering Currencies stability to Everyone

At the heart of El-Dorado’s innovative approach is the strategic use of stablecoins. By using Tether USDT and Mountain USDM, both digital assets pegged to the US dollar, El-Dorado provides users with a stable and reliable means of conducting transactions. This stability is crucial in a region where currency fluctuations can significantly impact purchasing power.

Stablecoins allow us to offer real-time transfers while keeping costs at near zero for our users,” explains Guille. “It’s the perfect solution for cross-border transactions, enabling users to send funds without the risk of value loss during the transfer process.

This approach is particularly beneficial for El-Dorado’s diverse user base, which includes individuals and businesses needing to make quick international payments. With stablecoins, users can enjoy the efficiency and reliability required for seamless financial transactions.

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Uncompromising Security and User Trust with Safe Accounts

In the world of finance, security is paramount. El-Dorado understands that to truly transform the financial landscape, they must offer unparalleled security alongside their innovative features. El-Dorado provides each user with a Safe Account—a secure smart contract wallet known for its robust security features.

“Security is a top priority for us,” says Juan. “With Safe Accounts, we can focus on enhancing the user experience without worrying about the underlying infrastructure constantly changing.”

Safe Accounts users have the ability to recover their accounts in the event they lose access to their primary authentication method. By using Candide’s Account Recovery Solution, El-Dorado leverages programmable recovery options without compromising self-custody or user experience. With over $100 billion worth of assets secured across various blockchain networks within Safe, El-Dorado is steadfast in its commitment to safeguarding its users’ investments through battle-tested smart contracts.

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Looking Ahead

El-Dorado is just getting started. As the company continues to grow, they are exploring new ways to leverage Candide’s infrastructure to enhance their offerings further. Exciting features on the horizon include the potential for integrated DeFi activities that allow users to earn interest on their holdings.

Candide’s tech has been instrumental in helping us deliver a secure, user-friendly platform without the complexity of blockchain jargon,” says Juan. “It allows us to abstract the blockchain complexities while safeguarding our users’ funds, which is essential for building trust in the fintech space.

El-Dorado’s partnership with Candide not only makes financial transactions more accessible but also lays the groundwork for broader financial inclusion in Latin America.

“We’re witnessing a growing readiness among users to embrace stablecoins and digital finance,” Guille adds. “Our mission is to empower individuals to take control of their financial futures, and we’re excited about what lies ahead.”

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El Dorado Brings Currency Stability in LATAM

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