Littio, a Neobank based in Colombia, has formed a partnership with OpenTrade in order to provide dollar accounts that accrue interest to consumers located in Colombia on the Avalanche blockchain.
As stated in a press release that was sent to crypto.news, Littio is concentrating its efforts on offering solutions to the problems that Latin Americans have with currency depreciation. With the use of OpenTrade's yield vaults, often referred to as "Yield Pots," Littio is able to provide savings choices that have returns that are supported by United States Treasury Bills.
Through this agreement, Littio is able to take use of a safe and scalable infrastructure in order to provide these financial products to consumers in the local area who are using the Avalanche Ethereum blockchain.
Businesses are able to have access to a variety of on-chain financial products, such as structured credit and loans, using the model that OpenTrade has developed. Latin America, which is characterized by high inflation and frequent currency volatility, is seeing an increase in the need for investment opportunities that are stable.
According to the statement, the area had a forty percent growth in the adoption of cryptocurrencies between the middle of 2021 and the middle of 2022, which demonstrates a significant interest in digital assets.
By addressing the restricted access to dollar-based savings accounts, the mobile app developed by Littio is addressing a significant challenge that exists in the banking industry in Latin America. According to the release, over seventy percent of the people in the area does not have a bank account. This is typical because of stringent restrictions, exorbitant fees, and a lack of faith in conventional banks.
Within the Littio app, users have the ability to change their native money into USDC format.
Following that, they have the option of putting these monies into Yield Pots or using them for a variety of transactions. According to the announcement, at this point, these pots have been responsible for facilitating transactions totaling more than $80 million and have generated approximately $250,000 in user returns in only four months.
