Littio Partners with OpenTrade: Empowering Financial Inclusion in Latin America

In a bold move towards financial inclusion, Colombian neobank Littio is harnessing the power of OpenTrade to offer interest-bearing USD accounts to its customers. This partnership leverages OpenTrade’s innovative real-world asset (RWA)-backed yield vaults, known as "Yield Pots," on the Avalanche blockchain, allowing Littio to address the critical issue of currency devaluation in Latin America.

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As Littio aims to provide dollar-based product offerings, OpenTrade’s robust infrastructure empowers the neobank to deliver yield-bearing savings with returns supported by U.S. Treasury Bills. This collaboration exemplifies the growing trend of using blockchain technology to provide stable financial solutions in regions grappling with high inflation and currency instability.

The demand for secure and stable investment products has surged, particularly in Latin America, where the adoption of digital assets reached 9.1% of global crypto value in 2022, reflecting a 40% growth in interest. With a population where nearly 70% remains unbanked, Littio's mobile app is breaking barriers, providing users with straightforward access to dollar-based savings accounts that were previously out of reach.

A Seamless Banking Experience on the Avalanche Network

Through OpenTrade’s Yield Pots, Littio allows users to effortlessly convert pesos into USD (via USDC), enabling them to save, transfer, and spend within the app or through a Littio debit card. With over $80 million in transactions processed and nearly $250,000 in user returns in just four months, Littio is well on its way to reshaping the financial landscape in Latin America.

To meet the increasing demand, Littio is transitioning its operations from Ethereum to Avalanche, capitalizing on its low transaction fees, rapid transaction finality, and institutional-friendly environment.

Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs, remarked:
“Littio and OpenTrade showcase how Avalanche’s technology can empower underbanked populations to access compelling financial products that traditional systems often fail to provide.”

Morgan Krupetsky, Head of Institutions & Capital Markets at Ava Labs
Jeff Handler, CCO of OpenTrade, added, “Littio has created an exceptional user experience that makes accessing U.S. Dollar and interest-bearing accounts secure and simple. We’re excited to support their continued growth.”

Users can access OpenTrade’s USDC/EURC Yield Pots directly through the Littio app, marking a significant step toward democratizing financial services in Latin America.

For more information, visit opentrade.io.

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About Avalanche Network

Avalanche is a high-performance blockchain platform tailored for developers seeking scalability. With its unique three-part Layer 1 architecture, Avalanche ensures rapid transaction finality, enabling the seamless creation of interoperable blockchains. For further details, visit avax.network.

About Ava Labs

Ava Labs, based in New York City, is a leading blockchain technology firm committed to empowering organizations to build scalable decentralized applications and custom blockchains. The team’s innovative tools facilitate the development of the community-driven Avalanche Blockchain Network, enabling a wide array of industries to innovate and transform.