Aureo

Investment Memo:Aureo| ByEarly Riders Aureo offers best in class financial services for bitcoin investors in Latin America, as well as institutional grade infrastructure for companies looking to integrate Bitcoin into their client offerings.

Founding Story

AureoisaBitcoinfinancialservicesandinfrastructureplatforminElSalvadorandMexico,with theambitiontobecomethedominantgatewayforBitcoinaccumulationandconversioninLatin America.Thecompanylaunchedin2024withaLightning-to-bankoff-rampMVPandisnow expanding into Bitcoin savings with both custodial and non-custodial options. Aureo’s near-term roadmap includes launching awebandmobileapptosupporttrading,automated DCA,integratingMulti-InstitutionCustody(MIC)asanoptimalcustodialoption,andbuilding APIs for wallet integration.Longerterm,thecompanyplanstobeafullstopsolutionforall financial products, with Bitcoin as the base savings technology.

Unlikealtcoin-heavyplatformslikeBitsoorBinance,AureoisBitcoin-onlybydesign,targeting userswhotreatBitcoinaslong-termsavingsratherthanspeculativeassets.Aureobelievesthat Bitcoinistheultimatesavingsvehicle,andwantstoencouragesavings,ratherthanspeculation on altcoins. This ideological and educational positioning, coupledwithbest-in-classcustody, gives Aureo a powerful advantage in an underserved market.

Products & Services

Aureo initially launched the Lightning-to-bank off-ramp MVP launched in October 2024, enabling users to instantly cash out their Bitcoin via the Lightning Network directly into Mexican bank accounts using the SPEI system. Aureo also offers the ability to buyandsell Bitcoin in Mexico with instant settlement and competitive fees.

Key product features both today and in the future include:

• Buy&sellBitcoinforMexicanpesos:Flexibleautomatedproductthatletsusersacquire

and manage their Bitcoin holdings according to their needs.

• Custodial and self-custody options: Aureo offers a fault-tolerant Multi-Institution

Custody (MIC) model for clients seeking institutional-grade infrastructure, or can automatically withdraw funds to a user’s self-hosted wallet.

• Mobile-first design: Native iOS and Android apps are expected by 2Q26.
• Lightning-to-bankoff-ramp:MVPfunctionalityenablinginstantBitcoinconversionand

cash-out via SPEI to local Mexican bank accounts.

• APIintegrations:AureoisdevelopinganAPItoenablewalletstoplugintoitsrecurring

savings and off-ramp functionality.

• Overcollateralizedlending:Lendingfacilityforovercollateralizedloans,withBitcoinheld

in Multi-Institution Custody.

• Insurance: Aureo plans to offer insurance on bitcoin holdings to individuals and

businesses as an addition to the best-in-class custody.

• Trust services: The company plans to partner with local trustcompaniestoofferthe

mostsecurecustodyservicesfortheirclients,aswellascomprehensiveestateplanning services.

Investment Memo:Aureo| ByEarly Riders

• Infrastructure:Thecompanyplanstoofferotherlocalexchanges,fintechs,andfinancial

firmstheabilitytoholdakeyinaMulti-InstitutionCustodyquoruminafuturestate, allowingotherfirmstodealwithlesscustomerchurn,andofferbest-in-classfinancial services through a unified experience.

• Stablecoin offering: Aureo plans to offer US dollar exposure both for remittances,

cross-border flows for businesses, and vetted yield generating opportunities.

• Enterprise & Institutional Offerings: Aureo plans to offer the proper view only,

permissions, research, and guidance for proper Bitcoin exposure.

• PrimeBrokerage:Asthecompany’sinstitutional,corporate,andhighnetworthclients

grow over time, it is natural to offer them best inclasspricingwithrespecttotrade execution.

• OTCDesk:Aureoplanstoofferbest-in-classtradeexecutionservicesatafuturedateas

their corporate client base continues to scale.

Market Overview

ThecryptomarketinMexicoisestimatedat$985Min2025,with14%cryptoownershipamong adults. However, most activity remains centered around speculation and altcoins. Based on research fromStatista,Chainalysis,andglobalcomparables,weestimatethat15–20%ofthis market ($150–$200M) is focused on Bitcoin savings. Survey data also shows that 46% of Mexican crypto users see Bitcoin as a long-term savings vehicle.

WeestimateAureoextendedLatAmTAMat$2–3B,assumingconservativesavingspenetration acrossthekeymarkets.However,thisopportunityshouldbediscountedintheshorttermunless theteamhasclearaccessorlocaldistributioninthosecountries.Expansionshouldprioritize markets where the team has existing community overlap or can form regulatory-light partnerships.

Overtime,weanticipatethatthemarketforBitcoinfinancialserviceswillgrowsignificantly,as the market recognizes it is the best way to save and transact money over time.

Customers

Aureo plans to court both HNWIs, institutions and businesses as primary clients for the business.Thehigh-endclienteleplantobothberecurringBitcoinbuyers,requireahigherlevel offinancialservices,andarethosewhoneedthemostsecureandsafewaytomanagelongterm wealth.

Competition

ThecryptoandBitcoinsavingsspaceinLatinAmericaisfragmented,withmostplayersfocused onaltcointrading,speculativeproducts,orremittances.Despitethecompetitionofexchanges withtheabilitytobuyandsellBitcoin,AureoiscompletelydifferentduetoitsMulti-Institution Custodyoffering,whichnoneoftheircompetitorshave,orseemtohaveimminentplansforthe rolloutoftheservice.Accordingly,Aureowilllikelyhaveadifferentiatedclienteleofhighernet worthclients,enterprises,institutionalinvestors,andultimatelyinfrastructureforotherBitcoin and digital asset focused investors to work within Multi-Institution Quorums.

Investment Memo:Aureo| ByEarly Riders Further,fewfirmsarefocusedonofferingdifferentiatedinfrastructuretootherbanks,fintechs, and exchanges who will need all the financial services Aureo offers.

Despite its early stage, Aureo is carving out a differentiated lane through:

• Custody:ThecompanyisthefirsttoofferMICinLatinAmerica,asignificantpointof

differentiation relative to the competition.

• Technical infrastructure: Lightning integration and bank connections are still rarein

LatAm.

• Userexperience:Thecompanyhasdevelopedasleekeasytouseapplicationtointeract

with all the needed financial services around Bitcoin.

Company Region BTC-Only Custodial Options UX Focus Aureo Mexico Yes MIC Simple, Saving Focused Bitso LatAm No Custodial Trading-Oriented Binance Global No Custodial Complex Coinbase Global No Custodial Beginner-Friendly Strike LatAm Yes Custodial Send-First UX Relai EU Yes Self-Custody Ultra-Simple Bitstack France Yes Custodial Round-Up + Card Bipa Brazil Partial Custodial Pix + Card The company’s decision to remain Bitcoin-only helps build long-term trust with users disillusionedbyaltcoinspeculation.Thisideologicalfilternotonlyappealstoserioussaversand Bitcoiners, but also protects the brand from the reputational volatility of generalist exchanges.

Business Model

TodayAureoearnsrevenuethroughtransactionfeesontheexchangebetweenBitcoinandfiat.

In 2026, the company plans to generate custody bps for those customers who opt into Multi-Institution Custody.

Longerterm,thecompanyplanstorolloutotherfinancialservices,includingBitcoin-backed loans, interchange fees between stablecoins and other assets, infrastructure for custody and financial services for other firms, trust services, prime brokerage, and OTC trade offerings.

Funding Uses

The funding will be used to accelerate technology development, legal fees, marketing, and salaries for the growing team.

Investment Memo:Aureo| ByEarly Riders

Founding Team

AureowasfoundedbyateamofexperiencedBitcoinentrepreneurswhopreviouslyco-founded and built Veriphi, a Bitcoin-only exchange based in Canada. The founders successfully operatedVeriphiuntil2021,whenitwasacquiredbyBullBitcoin.Followingtheacquisition, theteamjoinedBullBitcoinandcontributedtothedevelopmentofLightninginfrastructureand self-custody tools.

AfterrelocatingtoMexico,andhelpingbuildtheCasadeSatoshi,thefoundersrecognizeda clear absence of strong Bitcoin-only financial services. Inspired by theirearliersuccesswith Veriphi, they set out to build Aureo and bring high-quality Bitcoin products to a new market.

The team includes:

• GustavoFlores(CEO):servedasVicePresidentatBullBitcoin,whereheledinitiatives

to strengthen Bitcoin infrastructure across Canada.Hehascontributedasatechnical writerforBitcoinOptechandisanactivememberoftheWasabiWalletcommunity.

SincemovingtoMexicoCityin2021,hehashelpedfosterthelocalBitcoinscenethrough CasadeSatoshiandBitdevsCDMX,twoimportanthubsforeducationandtechnical collaboration.

• Nathaniel Kitzke (CTO): served as Vice President of Engineering at Bull Bitcoin

followingitsacquisitionofVeriphi.Helatertookonseniorengineeringrolesatleading BitcoincompaniesincludingUnchainedCapitalandZaprite,wherehecontinuesto advance Bitcoin infrastructure and usability.

• TristanBorges(CPO):bringsdeepproductanddesignexperiencefromhisroleasHead

ofDesignandFull-StackDeveloperatBitcoinWell.Hisfocusonintuitivedesignand seamless user experiences helps shape Aureo’s product vision.

• MaciejCepnik(Marketing):previouslyledsocialmediaatBitrefillandnowoversees

Aureo’s marketing and partnerships. He drives go-to-market strategy and builds relationships across the Bitcoin ecosystem to strengthen Aureo’s presence and growth.

Key Opportunities

Aureohastheopportunitytoofferbestinclassfinancialservicestoalargeandgrowingmarket facing two core issues which Aureo has the opportunity to solve:currencydebasement,and weak property rights.

Investment Memo:Aureo| ByEarly Riders Aureocanhelpinvestorsescapecurrencydebasementbysavinginbitcoin,aswellasretaintheir property by using solutions like self custody, or multi-institution custody.

Key Risks

UnprovenMarketDemand:WhileLatAmshowsstrongcryptoadoption(14%ofMexicans owncrypto),altcointradingandstablecoinhedgingremainalargefocusinLatinAmerica,with many turned off by bitcoin’s volatility.

Competitive Pressures: Larger incumbents like Bitso, Binance, and Strike have larger distribution and thus may limit Aureo’s adoption.

User Apathy Toward MIC: Without sufficientuserunderstandingordemand,MICcould become a technically expensive and commercially underutilized feature.

Traction

Aureo has onboarded over 500 customers, and facilitated over 4 bitcoin in volume to date through its offramping product, with plans to launch their full exchange by the end of October.

Early Riders & Aureo

We anticipate that Aureo will work closely with other companies across our portfolio for financial services, both askeyagentswithcompanieslikeOnramp,Acropolis,andArch,and more as our portfolio continues to grow.

Summary

Aureo is building the leading Bitcoin‑only savings and financial services platform in Latin America, combining Lightning integration, bank connectivity, and MIC custody to deliver secure, long‑term savings in a region facing currency debasementandweakpropertyrights.

With an experienced founding team and a clear ideological filter that differentiates it from altcoin‑heavycompetitors,Aureoiswellpositionedtocaptureagrowing,underservedmarketof serious Bitcoin savers and businesses.

Contact Early Riders To learn more about Early Riders, visit https://www.earlyriders.com/ and reach out to liam@earlyriders.comto learn how to get involved.

Contact Aureo To learn more about Aureo, visit https://aureobitcoin.com/en or reach out to gustavo@aureobitcoin.com.