As a seasoned analyst with extensive experience in the Latin American market, I find this partnership between Littio and OpenTrade particularly intriguing. The region’s struggle with currency devaluation and limited access to dollar-based savings accounts is not unfamiliar to me.
In simple terms, Littio, a Colombian digital bank, has teamed up with OpenTrade to offer interest-generating US Dollar accounts to local clients through the Avalanche blockchain network.
As stated in a press release distributed to crypto.news, Littio is working to tackle the currency depreciation problems prevalent among Latin Americans. By leveraging OpenTrade’s yield vaults (referred to as “Yield Pots”), Littio can provide savings alternatives with returns guaranteed by U.S. Treasury Bills.
Through this collaboration, Littio can capitalize on a robust and expandable framework to provide these financial services to regional users via the Avalanche (AVAX) blockchain, ensuring a secure experience.
1/ The Colombian fintech startup, @littioco, utilizes OpenTrade on the Avalanche Network to provide interest-yielding USD accounts to local customers in Colombia.
— OpenTrade (@opentrade_io) October 9, 2024
With OpenTrade’s innovative approach, businesses can tap into a variety of blockchain-based financial services such as loans and credit structures. Notably, there is an increasing need for reliable investment alternatives in Latin America, a region frequently impacted by high inflation rates and volatile currencies.
From mid-2021 to mid-2022, there was a significant 40% rise in the use of cryptocurrencies within the area, as suggested by the statement, demonstrating a robust appetite for digital currencies.
Littio’s app
Littio’s mobile application aims to overcome a significant challenge within Latin American banking by catering to the scarcity of dollar-based savings accounts. Roughly 70% of the region’s populace does not have access to banking services, according to the announcement, largely due to stringent regulations, high charges, and mistrust towards traditional banks.
Within the Littio app, users can convert their local currency into USDC (USDC).
After acquiring these funds, they can either use them for numerous transactions or store them in Earning Accounts. To date, these accounts have been instrumental in executing over $80 million worth of transactions and earning approximately $250,000 for users within a span of four months, as stated in the announcement.
Read More
Sorry. No data so far.
2024-10-09 21:28