Executive

El Dorado

http://www.eldorado.io
Progress records
1
Stage of your startup
Prototype
When did you start
May 2019
City
Caracas, Capital, Venezuela
Definition in 1 sentence
The Cryptodollar Bank of LATAM.
Elevator pitch
We offer a digital USD savings account and a peer-to-peer exchange, so people can trade their devaluated Bolivars for digital dollars and bitcoins among other assets. We provide a vehicle for P2P payments, remittances and access a new suite of financial products powered by cryptodollars.
Are you incorporated?
Yes
Category
Consumer, Software
Sector
Fintech, E-commerce & online marketplaces, Financial & payment services
How do customers use or interact with your product?
Mobile/Tablet (Android)
Video Password
Startup Presentation
Other Documents
Image gallery
Why do you want to attend this program?
We want to get into Startup Turkey because we believe it´s one of the best programs for startups in Europe and as a company based in Estonia founded by europeans but with a tremendous focus on LATAM and the idea of Bootstrapping the commercial and financial relationships between Europe and LATAM.
Create Date
Monday, October 26, 2020 22:20 (Guillermo Goncalvez)

Business model

Describe the problem you are solving
In Venezuela over the past 6 years we have experienced one of the worst economic crisis, it has been so devastating that more than 6 million people (roughly 15% of Venezuelan population) have left the country looking to earn money to send it back home. Moreover, Bolivar banknotes have become worthless due to Hyperinflation and its uselessness in daily life and commerce, that forced people to start using banking products like debit cards and online transfers as their only way to transact.
How are your customers solving that problem today?
We offer a digital USD savings account and a peer to peer exchange, so people can trade their devaluated Venezuelan Bolivars for digital dollars and bitcoins among other assets. We provide a vehicle for doing P2P payments, remittances and access a new suite of financial products powered by blockchain. This will allow financial inclusion to flourish by introducing unbanked Venezuelans to the benefits of digital currency.
Target custormers - Define customers, who are they
80% of Venezuelans are unable to open a dollarized savings account
How do you plan to acquire customers?
-6 months of free bitcoin and currency trading-Referral Programs
What is your revenue model or expected revenue model?
Our revenue model is based on exchange fees. For every transaction we charge a small fee of 0.8% to the market maker.
he financial engineering behind the exchange fee business model has proven to be successful for cryptocurrencies financial intermediaries and MBS. All this effort is targeted to provide a distinct user experience where transactional costs for payments and other service are near to zero.

Market info

What is your target market?
Our service is targeted to reach millions of users and have a direct impact on daily live, transforming how customers deal with their personal finances. Around 60% of the venezuelan economy is now dollarized and most of this commerce is in cash. We want to provide financial decentralized services to this sector.
Our main targets are commerces, remittances senders and receivers, and basically any Venezuelan looking forward to access U$D and other currencies,
What is your total available market size
$ 7,500,000,000
What steps have you taken to validate the market?
Over the last 20 years Venezuela experienced strict currency controls the resulted in a black market that now days its volume is 10.000.000$ a day. Different companies such as Localbitcoins, AIRTM, UPHOLD have accomplished an important market penetration but their adaptation to Venezuelan customers have been poor. Finally ,the remittances market have reached a volume as high as 4 Billion U$D a year.
Do you have competitors? Please write down the names
Competitor name
Competitor website
Uphold
Competition: write down competitors and explain
Our main competitors are Airtm, Uphold, Localbitcoins, Reserve, Mercadolar, traditional banks in Venezuela and informal Money Transmitting Businesses that operate through social media.
The existing landscape is composed by a traditional banking system which is very incompetent due to hyperinflation and its low ability to provide credits and services . Now some small private banks are working on including USD services but they are still on very early stages.
Who are your competitors and how are you different?
Our main competitors are Airtm, Uphold, Localbitcoins, Reserve, Mercadolar, traditional banks in Venezuela and informal Money Transmitting Businesses that operate through social media.
The existing landscape is composed by a traditional banking system which is very incompetent due to hyperinflation and its low ability to provide credits and services specially during the pandemic.
Traction / KPIs
What progress have you made in the last six months?
Over the last 6 months we have finished an open functioning beta app for both Android and Apple.
We have accomplished the requirements of our international custody and fiat to cripto licence in Estonia. The deadline was 31 of July and we where among the 400 out of 900 companies that preserved the licence that allows tho legally operate as s cripto financial institution. We have added 2 full stack developers, 1 IML officer and 1 Chief costumer success officer.
How many customers/users do you currently have?
We are currently on closed Beta stage (0)
What is your monthly growth rate?
Currently 0.
Describe traction

Finance

How much runway do you have left(Month)?
2
How is equity divided?
Equity type
Name surname
Email
Equity
Founder
Guillermo Goncalvez
% 77
Co-Founder
Eduardo Feo
% 5
Co-Founder
Jana Petkanic
% 10
Co-Founder
Juan Andreu
% 5
Employee stock option
Mariana Iarrazabal
% 2
Employee stock option
Daniel Salomon
% 1
How much money raised since start?
$ 250,000
Revenue lifetime
$ 0
Last months revenue
$ 0
Investment round
Angel round
Target fund to raise
$ 500,000
Equity on offer
% 20
Number of employees
8
Other info Write bullet points (Grants, prizes, acceleration)
Add more comments

Team

Owner member
Yes
Member role
Founder
Name surname
Guillermo Goncalvez
Title
CEO
Education
Bachelor Degree
School name
Universidad Metropolitana
Birthdate
05 August 1994
City
Caracas, Spain
Short Bio
I'm a Venezuelan and Spanish finance professional. I studied Banking at Universidad Metropolitana in Caracas, nowadays I´m enrolled on a MD on Venezuelan capital markets. I started working on digital assets back in 2013 and founded the biggest bitcoin mining company in Venezuela and now eldorado.io
Owner member
No
Member role
Co-founder
Name surname
Eduardo Feo
Title
COO
Education
Bachelor Degree
School name
Victoria Flying Club
Birthdate
21 June 1994
City
Caracas, Italy
Short Bio
Eduardo is a professional in management and operational protocols. He entered the cryptocurrency space in 2015 and since then have worked with this technology as a measure against the economic challenges in Venezuela. He is in charge of overseeing day-to-day operations and team coordination.
Owner member
No
Member role
Co-founder
Name surname
Jana Petkanic
Title
CFO
Education
Doctorate Degree
School name
Slovenská technická univerzita v Bratislave
Birthdate
26 September 1989
City
Frankfurt (Oder), Brandenburg, Germany
Short Bio
Jana has 7 years of IT experience in the field of numerical methods and statistics. She has been involved in the blockchain community founding a think tank (blockchaintalks.io) in the Netherlands focused on the education of this technology.
Meeting story with Cofounders
in a conference in Chile late 2018
Working together time
2 years
Owner member
No
Member role
Co-founder
Name surname
Juan Andreu
Title
CTO
Education
Master's Degree
School name
iutepal
Birthdate
21 June 1990
City
Randstad, Netherlands
Short Bio
I will make sure your projects and your team moves forward smoothly.
I specialize in project design/architecture, file structures, training, and code quality.
Meeting story with Cofounders
Contacts in common
Working together time
For about 6 months.
Owner member
No
Member role
Employee
Name surname
Mariana Larrazabal
Title
Chief Customer Success
Short Bio
Dynamic and customer-oriented professional with a great capacity to contribute to the design and implementation of cutting-edge financial solutions through network-building and user loyalty enhancement. Broadly able to interact extensively with users and collect key data.
Owner member
No
Member role
Employee
Name surname
Carlos Fontes
Title
Developer
Owner member
No
Member role
Employee
Name surname
Daniel Salomon
Title
Graphic Designer
Owner member
No
Member role
Employee
Name surname
Rafael Quinter
Title
Developer
Short Bio
Young Systems Engineer, graduated at 21 from Universidad Metropolitana (VE) with a 100% Scholarship for Academic Excellence. I work as a Full Stack Developer with React.js and Express.js Backends. Also really interested in Data Analysis.