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 is focusing on addressing the currency devaluation issues Latin Americans face. Using OpenTrade’s yield vaults, known as “Yield Pots,” Littio can offer savings options with returns backed by U.S. Treasury Bills.

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

OpenTrade’s model allows businesses to access various on-chain financial products, including lending and structured credit. There is a growing demand for stable investment options in Latin America, where high inflation and currency fluctuations are common.

The region saw a 40% increase in cryptocurrency adoption from mid-2021 to mid-2022, highlighting a strong interest in digital assets, according to the release.

Littio’s app

Littio’s mobile app is tackling a major obstacle in Latin American banking by addressing the limited access to dollar-based savings accounts. About 70% of the region’s population is unbanked, per the release, often due to strict regulations, high fees, and a lack of trust in traditional banks.

Within the Littio app, users can convert their local currency into USDC (USDC).

They can then utilize these funds for various transactions or save them in Yield Pots. So far, these pots have facilitated over $80 million in transactions, generating nearly $250,000 in user returns in just four months, per the release.