Colombian bank Littio, OpenTrade launch USD accounts on Avalanche

Littio, a Colombian Neobank, has partnered with OpenTrade to provide interest-bearing USD accounts to local customers on the Avalanche blockchain.

According to a press release shared with crypto.news, Littio focuses on solving currency devaluation issues faced by Latin Americans. Using OpenTrade’s yield vaults known as “Yield Pots”, Littio is able to offer savings options with yields backed by US Treasury Bills.

This partnership allows Littio to leverage a secure and scalable infrastructure to deliver these financial products to native users on the Avalanche (AVAX) blockchain.

1/ Colombian Neobank @littioco Leverages OpenTrade to Offer Interest-bearing USD Accounts to Local Clients through Avalanche Network.

colombian neobank @littioco It addresses the issue of currency devaluation for Latin Americans through its easy-to-use app that allows users to… pic.twitter.com/l92pb6Ln7c

— OpenTrade (@opentrade_io) October 9, 2024

OpenTrade’s model allows businesses to access a variety of on-chain financial products, including lending and structured credit. The demand for stable investment options is increasing in Latin America, where high inflation and exchange rate fluctuations are common.

According to the statement, the region saw a 40% increase in cryptocurrency adoption from mid-2021 to mid-2022, underlining the strong interest in digital assets.

Littio’s app

Littio’s mobile app tackles a major hurdle in Latin American banking by addressing limited access to dollar-based savings accounts. According to the statement, approximately 70 percent of the region’s population does not have a bank account; This is mostly due to strict regulations, high fees and lack of trust in traditional banks.

In the Littio app, users can convert local currencies to USDC (USDC).

They can then use these funds for various transactions or store them in Yield Pots. To date, these pots have facilitated over $80 million in transactions, generating nearly $250,000 in user returns in just four months per release.