Colombian Neobank Littio has teamed up with OpenTrade to provide local clients with interest-bearing USD accounts on the Avalanche blockchain.Â
A press release states that Littio is concentrating on solving the problems of currency devaluation that Latin Americans encounter.
Littio can provide savings choices with returns secured by US Treasury Bills by utilizing OpenTrade’s yield vaults, also called “Yield Pots.”
Through this agreement, Littio will be able to use the Avalanche blockchain’s safe and scalable infrastructure to provide these financial products to local people.
Businesses can access a range of on-chain financial products, such as structured credit and loans, using OpenTrade’s paradigm.
There is an increasing desire for stable investment solutions in Latin America, where high inflation and frequent currency swings are widespread.
According to the statement, there was a 40% surge in cryptocurrency use in the region between mid-2021 and mid-2022, indicating a strong interest in digital assets.Â
Littio’s App
By addressing the restricted availability of dollar-based savings accounts, Littio’s mobile app is addressing a significant barrier in Latin American banking.
According to the release, over 70% of people in the area lack access to banking, frequently due to onerous rules, exorbitant costs, and a lack of faith in conventional banks.
Users can exchange their local cash into USDC within the Littio app. After that, they can save this money in Yield Pots or use it for further transactions.
According to the statement, these pots have facilitated over $80 million in transactions in just four months and generated approximately $250,000 in user returns.
