This 2023 the Colombian peso is one of the currencies that has strengthened the most against the dollar. After a 2022 loaded with volatility and where the peso suffered a strong devaluation.
(Read: The revaluation of the peso reached 5% so far this year).
Therefore, one of the alternatives has been saving through stronger currencies that allow generating profitable investments for citizens and combating the devaluation of the local currency.
Recently, the Littio application, which allows you to save in dollars, it provided its users with the alternative in euros. The mechanism is the same. The platform, available on the App Store and PlayStore, asks you to create a global account in dollars or euros and acquire these currencies digitally.
The account can be recharged through PSE, Nequi or Bancolombia. In this case, Euro purchase or reload rate will be the market spot rate And, although the Littio Card in alliance with Mastercard cannot yet be used with the euros purchased (only with the dollars that the user has in their account), the integration process between both products is under development.
(Also: Peso vs. dollar: after 2 months, the market ‘is’ on the Colombian side).
“We want to make sure that Colombians have the ability to protect their capital by accessing an ecosystem of strong and stable currencies, and the euro is certainly one of them. Thanks to the integration of the euro in our application, our users will have the possibility to diversify their portfolio, to choose, and to continue finding products that suit their needs and preferences.“, said Christian Knudsen President and Co-Founder of Littio.
For the purchase of euros, the platform will use EUROC or digital euros, which digitally they represent one euro and are available 24 hours and maintain their value 1:1.
Digital Euros are published by Circle, US regulated company and licensed money transmitter (just like PayPal, Stripe, and ApplePay) that is subject to ongoing review by the SEC.
(Read: How much could the price of the dollar continue to fall and why would it happen?).
The application also has an encryption process that prevents any unauthorized third party from accessing data and internal information. Currently, L.ittio has more than 150,000 users who save in dollars and the support of Circle, Mastercard and Colombia Fintech.