Littio Partners with OpenTrade to Offer Interest-Bearing USD Accounts on Avalanche Blockchain

Littio, a Colombian neobank, has joined forces with OpenTrade to provide interest-bearing USD accounts to local customers, leveraging the Avalanche blockchain. The partnership aims to address currency devaluation issues prevalent in Latin America by using OpenTrade’s yield vaults, known as “Yield Pots.” These savings options offer returns backed by U.S. Treasury Bills.

Addressing Currency Devaluation in Latin America

The collaboration enables Littio to utilize a secure and scalable infrastructure to deliver financial products to its users through the Avalanche blockchain. This move is part of Littio’s broader strategy to combat the currency devaluation that many Latin Americans face. By offering a stable investment option, Littio aims to provide a reliable alternative amid high inflation and currency fluctuations.

OpenTrade’s On-Chain Financial Products

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 in Latin America is rising, demonstrated by a 40% increase in cryptocurrency adoption from mid-2021 to mid-2022.

“Colombian neobank Littio is addressing the currency devaluation issue for Latin Americans through its easy-to-use app, which allows users to convert local currency into USDC and save in Yield Pots.”

Littio’s Mobile App: A Solution for the Unbanked

Littio’s mobile app tackles a significant challenge in Latin American banking by providing access to dollar-based savings accounts. Around 70% of the region’s population remains unbanked due to stringent regulations, high fees, and a lack of trust in traditional banks.

Within the app, users can convert their local currency into USDC and use these funds for various transactions or save them in Yield Pots. To date, these pots have facilitated over $80 million in transactions, generating nearly $250,000 in user returns within just four months.

Key Takeaways

  • Partnership: Littio collaborates with OpenTrade to offer interest-bearing USD accounts.
  • Technology: Utilizes Avalanche blockchain for secure and scalable financial products.
  • Impact: Addresses currency devaluation and provides stable investment options.
  • App Features: Allows conversion of local currency into USDC and facilitates savings in Yield Pots.
  • Unbanked Population: Aims to provide banking solutions to the 70% unbanked population in Latin America.

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