Avalanche Powers Littio’s New USD Savings Accounts in Latin America

Littio, a Colombian neobank, has joined forces with Avalanche to offer interest-bearing USD accounts through Opentrade’s blockchain-based platform. The partnership aims to provide financial solutions to Latin Americans facing high inflation and currency devaluation.

Neobank Littio Uses Avalanche to Boost Financial Services in Latin America

Littio, known for its mobile banking services, is using Opentrade’s real-world asset-backed yield vaults, known as Yield Pots, to offer its users access to USD savings accounts with returns supported by U.S. Treasury Bills. This move, Littio says, allows the neobank to provide secure, dollar-based accounts for Latin Americans, many of whom lack access to traditional banking systems.

Opentrade’s infrastructure is integrated with Avalanche’s blockchain, which Littio believes will enable the firm to expand its offerings efficiently and at scale. Latin America has seen a surge in interest in digital assets, partly due to high inflation and currency instability in the surrounding areas. Littio’s transition to Avalanche, known for its low transaction costs and quick settlement times, is expected to help the neobank scale up its services to meet growing demand.

“Littio and Opentrade exemplify how Avalanche’s technology can enable underbanked populations to access compelling products and services that are otherwise unavailable or untenable via traditional rails leverage,” said Morgan Krupetsky, the head of institutions and capital markets at Ava Labs.

According to Opentrade, the region’s investors are increasingly turning to stable financial products to preserve wealth, as illustrated by Littio’s Yield Pots processing over $80 million in transactions. The announcement on Wednesday states that Avalanche’s blockchain technology has been instrumental in Littio’s growth. With Avalanche’s compatibility and sub-second transaction finality, Littio insists it can now offer more efficient and low-cost services to users.

What do you think about Littio and Opentrade’s collaboration? Share your thoughts and opinions about this subject in the comments section below.