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, Littio is focused on solving the currency devaluation issues facing Latin Americans. Using OpenTrade’s yield storage facilities, known as “Yield Pots,” Littio can offer savings options with yields backed by U.S. Treasury bills.
This partnership allows Littio to use a secure and scalable infrastructure to provide financial products to local users on the Avalanche blockchain. OpenTrade’s model allows companies to access a variety of blockchain-based financial products, including lending and structured credit. In Latin America, where high inflation and currency fluctuations are common, there is a growing demand for stable investment opportunities.
Littio’s mobile app solves a major obstacle in Latin American banking by eliminating the limited access to dollar savings accounts. According to the press release, about 70% of the region’s population is unbanked, often due to strict regulations, high fees, and a lack of trust in traditional banks. In the Littio app, users can convert their local currency into USDC. They can then use these funds for various transactions or store them in Yield Pots.
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