The number
of citizens with a bank account in Latin America has increased by about twenty
percentage points in recent years, reaching nearly 80% in countries like Brazil, Colombia, Mexico, and Peru, according to BBVA. Yet, Latin American Reports
notes that banking penetration in the region remains relatively low, with only
7 out of 10 people maintaining a relationship with a financial institution.
These figures, combined with inflation and a fragmented banking system across
Latin American countries, make international payments a persistent challenge.
Guillermo
Goncalvez (Venezuela, 30) believes that “the adoption of blockchain and
decentralized finance will be key to lifting millions of people out of poverty
in Latin America.” A graduate in Finance from the Metropolitan University of
Venezuela, Goncalvez has developed El Dorado, a payment platform that
facilitates transactions across Latin America and integrates up to 70 different
payment methods.
“El Dorado
allows users to move money from Pix in Brazil to Pago Móvil in Venezuela or
PayPal in the U.S., instantly and at competitive rates. This solution creates a
path toward financial inclusion in a region otherwise marked by fragmentation,”
Goncalvez explains. He
experienced this need firsthand as a migrant and quickly realized that
peer-to-peer payment platforms democratize access to financial tools. “When
peer-to-peer currency exchange markets emerged, I saw how these platforms
returned control to individuals, allowing them to earn money and operate in a
free-market environment,” he says.
Built on
this vision, El Dorado P2P emerged, a marketplace for users to exchange
stablecoins (tokens with stable value pegged to the U.S. dollar) using dozens
of active payment methods across Latin America. The platform is available
through a mobile app and also via the web.
Since its
launch in 2022, El Dorado has processed over two million payments, serving a
community of more than 250,000 users in countries such as Argentina, Brazil, Colombia, Panama, Peru, and Venezuela. The platform has reduced the cost of
international transfers by over 80% compared to the regional average.
Additionally, merchants using the service have seen their revenues increase by
more than $500,000 (approximately €447,700).
Goncalvez
envisions a broader future for the platform and aims to make El Dorado “the
financial SuperApp of Latin America.” “By leveraging emerging technologies like
cryptocurrencies, we aim to build a financial ecosystem that covers all daily
needs, from payments to savings and investments. The main challenges lie in
scaling the product to more countries, integrating new payment methods,
navigating the region’s complex regulatory landscape, and above all, promoting
financial education among the most vulnerable sectors,” he explains.
“With the
rising prevalence of digital wallets in Latin America and the region’s
inflationary pressures, El Dorado is positioned as a vital tool for financial
transactions, particularly for small and medium-sized enterprises and
individuals,” he adds. Goncalvez
is also a member of Ethereum Caracas, a community of over 400 members, where he
organizes talks to foster collaboration around this cryptocurrency.
Additionally, he has spent the past decade as a member of Caracas Impact Hub,
the largest entrepreneur network in Venezuela. His journey and the impact of El
Dorado have earned him a spot among MIT Technology Review in Spanish 35
Innovators Under 35.
