Paradigm has led a $9 million Series A funding round for Latin American payments platform El Dorado as the company expands stablecoin-powered cross-border transfers across underserved markets in the region.

According to a June 15 announcement from Paradigm, the investment was made alongside Coinbase Ventures and Verda Ventures, with the firms backing El Dorado’s effort to build payment infrastructure for cross-border transactions in Latin America.

Ricardo de Arruda, partner for investing and research at Paradigm, said the region handles more than $100 billion in annual cross-border payment volume but continues to rely on systems that are slow, expensive, and difficult to navigate.

“Cross-border payments in Latin America represent one of the most underserved and underreported opportunities in global finance,” de Arruda said. 

“The region moves well over $100 billion across borders annually, but is plagued by slow, expensive and opaque infrastructure. El Dorado is building the payments layer this market has long needed.”

Founded in 2022 by Latin American immigrants, El Dorado said it now serves more than 100,000 active users and has processed over 5 million transactions across the region. The company currently operates in 12 countries, including Argentina, Bolivia, Brazil, Colombia, Costa Rica, the Dominican Republic, and Ecuador.

El Dorado targets overlooked payment corridors

Offering a different view of the market opportunity, El Dorado co-founder and CEO Guillermo Goncalvez said in an accompanying statement that the annual cross-border payment activity in Latin America is closer to $1 trillion when broader flows are considered.

According to Goncalvez, roughly 60% of those transactions involve business-to-business payments tied to imports and exports between the U.S. and Latin America. Beyond those well-known routes, he said some of the strongest demand comes from payment corridors that large financial technology firms often overlook.

One of El Dorado’s busiest routes today connects Brazil and Bolivia, a market Goncalvez said remains underserved despite strong commercial activity. He added that countries such as Bolivia, Paraguay, Ecuador, and Peru receive less attention from larger fintech providers including Nubank and Wise.

Alongside consumer payments, El Dorado has introduced a dedicated business platform for companies moving money across borders. According to the company, the service combines fiat and stablecoin payment rails within a single application while supporting multi-signature and multi-organization account structures.

Goncalvez added that more than 100 business customers have joined the platform, with imports of electric vehicles from China emerging as one of the most common use cases.

Built on Tempo, a Layer 1 blockchain developed through a partnership between Paradigm and Stripe, the service forms part of a payment infrastructure strategy both organizations have been developing this year. Josh Itzkovitz, GTM at Tempo, said the network allows businesses worldwide to open accounts regardless of whether they maintain a U.S. legal entity.

The investment also adds to Paradigm’s growing activity outside traditional crypto venture funding. In recent months, the firm has backed manufacturing company SendCutSend in a $110 million funding round, partnered with Stripe on the Tempo blockchain network, and participated in policy discussions surrounding stablecoin regulation in the U.S.

Earlier this month, Paradigm submitted comments to the Federal Deposit Insurance Corporation urging regulators not to restrict third-party stablecoin reward programs, arguing that such limitations extend beyond what Congress approved under the GENIUS Act. Those efforts, together with the launch of Tempo and the El Dorado investment, place stablecoin-based payment infrastructure at the center of several of the firm’s recent initiatives.

Bitcoin treasury companies may need to revisit their capital structures if Bitcoin remains under pressure, with consolidation becoming more likely across the sector, according to Strive Chief Investment Officer Ben Werkman.

Speaking at BTC Prague, Werkman said companies that relied heavily on convertible debt during the bitcoin treasury boom could face increasing strain if Bitcoin remains far below its October peak near $126,000.

While higher Bitcoin prices would ease many of those concerns, he said an extended downturn could leave some firms with difficult choices. Under those conditions, companies may need to sell Bitcoin to fund operations or manage debt obligations, particularly where financing arrangements include collateral or coverage requirements.

Werkman said Strive was “one of the only ones that didn’t take any convertible bonds” when building its bitcoin treasury strategy, explaining that the company relied on equity financing instead. According to him, that approach has allowed Strive to continue expanding through the current market cycle without facing the same pressures as some debt funded peers.

Consolidation could accelerate if market weakness continues

Among the outcomes he expects, consolidation sits near the top of the list.

Pointing to Strive’s acquisition of bitcoin treasury company Semler Scientific, Werkman said more mergers could emerge if financially constrained firms seek alternatives to operating independently. He added that company leaders are often reluctant to sell at discounted valuations, which has limited deal activity so far.

In Semler’s case, Werkman said the transaction came together because Semler Scientific Chairman Eric Semler supported the preferred-stock model that Strive had been developing, even though the proposal failed to gain enough shareholder support at Semler itself.

Elsewhere in the sector, firms have already started adjusting their balance sheets. Werkman cited efforts by Nakamoto to reduce debt burdens and regain operating flexibility, describing those moves as attempts to free companies from financing constraints that accumulated during more favorable market conditions.

The comments arrive as investors continue to examine how bitcoin treasury firms balance aggressive accumulation strategies with debt servicing requirements and shareholder obligations.

Recent developments at Strategy illustrate that debate.

Earlier this month, the company disclosed the sale of 32 BTC, a move that attracted attention because of its long-standing commitment to accumulating Bitcoin. The transaction raised roughly $2.5 million at an average price of $77,135 per coin, according to previous crypto.news reporting.

Questions about the sale intensified after some market participants interpreted it as a departure from Strategy’s accumulation strategy. Company executives later rejected that view.

Strategy CEO Phong Le said the sale was conducted as a test of internal systems rather than a move to generate cash for dividend payments. He added that the company still had access to funding channels such as equity issuance and preferred stock offerings.

Strategy’s bitcoin sale draws attention from treasury firms

Discussing the transaction, Werkman said the sale carried significance beyond its size because it helped demonstrate Bitcoin’s liquidity to credit markets and rating agencies.

According to him, rating agencies currently assign Strategy a rating that effectively treats the Bitcoin on its balance sheet as having no value when assessing creditworthiness. Under those conditions, proving the ability to sell Bitcoin and convert it into cash becomes important for treasury companies that maintain dividend obligations.

He argued that Strategy needed to show investors and lenders that the market could absorb Bitcoin sales if necessary and that the company could access that value when conditions required.

The sale did not prevent Strategy from continuing its accumulation program.

On June 15, Michael Saylor announced that Strategy had purchased 1,587 BTC for approximately $100 million, increasing total holdings to 846,842 BTC. The company also expanded its cash reserve by another $100 million, bringing total dollar reserves to $1.1 billion.

Kraken just became the official crypto exchange of the 2026 FIFA World Cup. Their marketing message? It’s clearly not for FIFA fans. It’s for people already in crypto. Here’s why that’s the biggest missed opportunity in sports marketing.

The Message That Reveals Everything

Kraken’s FIFA 2026 campaign just dropped. Here’s their pitch:

“Some watch every match; some only the ones that matter. Some are ride-or-die for one team, every win, every heartbreak, for life. Others just love the game, no matter who’s playing. Crypto’s no different. Some study every chart. Some go all-in on one coin and hold for years. Others just want a bit of everything. Kraken is built for all of them.”

Read that carefully.

Who is this message for?

Not FIFA fans discovering crypto. For people who already understand crypto talking about crypto using a soccer analogy.

That’s not a conversion pitch. That’s in-group messaging masquerading as a mainstream campaign.

What A Real Conversion Campaign Would Look Like

If Kraken was actually trying to convert FIFA fans, the billions of people watching the World Cup, the message would be completely different.

It would translate crypto concepts into soccer language:

Option 1 (Direct conversion): “You believe in your team. You invest emotion, time, loyalty. Investing in crypto is the same thing, belief, conviction, loyalty to an asset. Kraken makes that easy.”

Option 2 (Simple Value Prop): “Your national team wins, you celebrate. An investment wins, you profit. Kraken lets you profit from your convictions.”

Option 3 (Accessibility Angle): “Not everyone can afford to buy a team. Everyone can afford to invest in crypto. Kraken makes it accessible.”

What Kraken actually did: Used “hodlers” (a crypto insider term) in a campaign aimed at… FIFA fans?

No. Not FIFA fans. Crypto people who follow FIFA.

The Smoking Gun: “Hodlers”

The word “hodlers” is the tell.

A FIFA fan watching the World Cup has no idea what a “hodler” is. They’ve never heard the term. It means nothing to them.

But a crypto person? They know exactly what that means. It’s the crypto community’s inside joke about holding investments long-term.

Kraken used an insider term in a campaign supposedly designed to reach mainstream sports fans.

That’s not an accident. That’s evidence the campaign was never designed to convert new people.

It was designed to give existing crypto people a campaign they’d recognize and share with other crypto people.

That’s not marketing. That’s community building for people already bought in.

Why This Is A Massive Missed Opportunity

FIFA 2026 is the biggest sporting event in the world. It’s watched by over a billion people.

Kraken has access to all of them.

And what did Kraken do? They created a campaign that only resonates with people who already understand crypto.

Do you know how many potential new crypto users Kraken just failed to convert?

All of them.

Instead of saying “Crypto is like soccer-passion, belief, investment,” Kraken said “We understand your hodling journey, fellow hodlers.”

Those are not the same message. One converts. One reinforces.

The Pattern This Reveals

This isn’t just Kraken. This is crypto’s fundamental problem:

Crypto doesn’t know how to talk to people outside crypto.

Every major crypto campaign makes the same mistake:

• They use insider terminology (HODL, diamond hands, paper hands, rugpull, etc.)
• They assume people already understand the concept
• They communicate to crypto people using sports/culture metaphors
• They act surprised when mainstream adoption doesn’t happen

Kraken just demonstrated this at scale. With a billion-person audience. And a $X million sponsorship budget.

And they wasted it by talking to people who already get it.

What This Actually Reveals About Crypto’s Status

Here’s what Kraken’s campaign accidentally proves:

Crypto has stopped trying to convert mainstream audiences.

Why? Because it failed. The aggressive “mainstream adoption” campaigns of 2022 didn’t work. So now crypto is just trying to:

1. Retain existing users
2. Extract more value from them
3. Use mainstream visibility to communicate insider concepts

That’s not expansion. That’s consolidation.

Kraken didn’t say “FIFA fans should discover crypto.” Kraken said “Crypto people, here’s a FIFA metaphor you’ll understand.”

The audience shifted. The opportunity shrunk. And nobody noticed because the sponsorship was so flashy.

How To Actually Use A FIFA Sponsorship

If I were Kraken, here’s what I’d do:

Phase 1: Convert Target FIFA fans with crypto-as-investment messaging. “Your team wins, you celebrate. Your investment wins, you profit. Here’s how.”

Phase 2: Educate Create FIFA-themed explainers. “How Bitcoin works (explained through FIFA analogies).” “What is a blockchain (using team formations as analogy).”

Phase 3: Onboard Make it stupidly easy for FIFA fans to buy crypto. Remove friction. Simple interface. Clear language.

Phase 4: Retain Once they’re in, communicate in crypto language. Now the insider terminology makes sense.

Instead, Kraken jumped straight to Phase 4 with a billion-person audience.

That’s not strategy. That’s leaving money on the table.

The Uncomfortable Truth

Crypto has accepted that mainstream adoption failed.

Instead of trying again with better messaging, crypto is now:

• Using mainstream visibility to communicate with existing users
• Creating insider-friendly campaigns that alienate newcomers
• Celebrating “official sponsorships” while failing to convert anyone

Kraken’s FIFA campaign is just the clearest example.

A billion-person audience. A chance to convert millions of new users. And the message was: “Fellow hodlers, here’s a crypto metaphor for soccer.”

That’s not a World Cup campaign. That’s a Reddit post dressed up as a major sponsorship.

What Comes Next

Crypto will claim the Kraken FIFA partnership is a victory.

Official sponsorships. Mainstream visibility. Biggest World Cup ever.

But the campaign itself—the actual message Kraken created—reveals the truth:

Crypto isn’t trying to convert new people anymore. Crypto is just trying to extract more value from people already in the ecosystem.

That’s not a sign of maturity. That’s a sign of surrender.

And a billion FIFA fans just learned… absolutely nothing about crypto, because Kraken was never trying to teach them.

The Real Lesson

If you want to reach a mainstream audience with a niche product, you have to translate it into their language.

Kraken had the opportunity. They had the budget. They had the audience.

They just didn’t have the vision to actually try.

Instead, they created a campaign for people who didn’t need converting.

That’s the most expensive way to reinforce what people already know.

What should Kraken’s FIFA campaign have said to actually convert fans? Drop your ideas, but make them actually appeal to someone who knows nothing about crypto.

XRP spent the past two weeks trying to stop going down. Now it’s trying to go higher.

The token pushed through $1.14, then $1.18, and finally reclaimed $1.20 on the strongest volume since the early-June washout, forcing traders to reassess a market that had been priced for further weakness.

The move came as XRP-specific activity accelerated, with South Korea’s Upbit exchange accounting for a growing share of network flows and institutional demand continuing to build through ETF products.

News Background

• Ripple ecosystem activity picked up as traders focused on growing XRP demand across Asia, with Upbit accounting for 31% of XRP wallet-flow dominance by June 14, up from 13% a week earlier.

• XRP ETF products continued attracting capital, extending a run of inflows that has brought cumulative net investment to roughly $1.4 billion since launch.

• Several analysts pointed to bullish RSI divergences and completed correction structures following XRP’s rebound from the $1.05-$1.09 support zone.

Price Action Summary

• XRP climbed from $1.1425 to $1.2307 during the session, gaining roughly 8%.

• The breakout began during the June 14 21:00 UTC session, when volume surged to 107.6 million XRP and drove price through resistance near $1.14.

Coinbase (COIN) CEO Brian Armstrong believes bitcoin BTC$66,455.27 may have bottomed near $60,000.

“My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure,” Armstrong said in a video posted on X on Monday. He added that he remains long bitcoin and expects prices to be significantly higher by 2030.

“I think bitcoin is the new digital gold,” he said.

Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, after the US and Iran reached a deal to reopen the Strait of Hormuz. The token touched a low near $59,743 on June 5, its weakest level since October 2024, before recovering.

Armstrong pointed to bitcoin’s four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals, as a framework for reading the current drawdown. Bitcoin is now roughly 50% below its October 2025 all-time high near $126,000.

The Coinbase chief also said last week that the drop in bitcoin’s price was masking broader health in the crypto market. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It will take some time for this to sink in.”