Colombian Neobank Littio to Offer USD Accounts on Avalanche

Littio, a leading Colombian neobank, has teamed up with Opentrade to address currency devaluation challenges in Latin America. This partnership aims to provide Littio customers with access to a more stable financial system.

Littio plans to utilize Opentrade’s real-world asset (RWA) vaults to offer USD accounts on the Avalanche (AVAX) blockchain, a platform known for its scalability and transparency. This initiative will provide financial services to individuals in Latin America who lack traditional bank accounts.

It is important to note that Opentrade’s infrastructure is built on the Avalanche blockchain, which Littio believes will enable efficient scaling and meet the growing demand for digital asset services in the region.

Morgan Krupetsky, head of institutions and capital markets at Ava Labs, the company behind Avalanche, stated that the blockchain can “enable underbanked populations to access compelling products and services” not available through “traditional channels.”

Interestingly, the USD-backed accounts will offer predictable returns backed by “high-quality financial assets like U.S. Treasury Bills,” according to Littio’s website. The underlying assets are secured in a bankruptcy-remote structure, and the services will be fully integrated into the Littio mobile app for user convenience.

Will the Partnership Boost AVAX?

With both Littio and Opentrade utilizing the Avalanche blockchain, there is potential for the network’s native token, AVAX, to benefit from increased adoption and use cases. AVAX is currently down 1.86%, trading at $26.10.

Read also : SHIB Price Surge Threatens Avalanche’s Market Dominance

Over the past seven days, AVAX has gained 5.38%, and it is up 8.78% in the last 30 days. Since October 2023, the altcoin has surged 166.16%. AVAX has been on a slight uptrend since August, and if demand continues to grow, investors could see a retest of the $30-$35 range.