Cryptocurrency has grown tremendously over the past years, with decentralized finance (DeFi) becoming one of the emerging high-value subsectors. According to DeFi Pulse, the total value locked (TVL) in DeFi protocols reached a peak of $87bn in 2021, up 8300% since 2020. This exponential growth caught the attention of many; acknowledging the potential that DeFi has, a recent report from the world-renowned Wharton Business School noted that it can “transform global finance”. This may be why, even since the pandemic-fuelled global financial regression, venture capital is still pouring into forward-thinking DeFi projects. One such startup is Scallop – The World’s First DeFi Powered Neobank.
A Unique Addition to Crypto
According to its roadmap, Scallop is geared up for launch in September this year. It will initially launch in the EU and UK, with expansion into Asia scheduled for Q1 2022. Scallop will also introduce the Scallop coin, SCLP, which will empower their DeFi banking ecosystem. The IDO is expected prior to the product launch.
Scallop is unique in that it is providing the first interface for fiat and cryptocurrency/DeFi under a single roof. Currently users must deposit fiat on to an exchange or wallet from their bank account and then use the wallet to interact with DeFi protocols or purchase coins. Scallop, instead, will provide FCA regulated banking accounts which can directly interact with DeFi protocols such as Compound, Aave and dYdX.
What does Scallop offer?
Scallop is the first FCA-regulated neobank that conjoins traditional banking services with decentralised functionalities. It is a solution to the challenges faced by the crypto industry, such as friction between moving crypto assets, high transaction costs of converting crypto to fiat, and the high volatility of the market.
Scallop is a multi-layered solution combined with superior technology and the latest financial trends in a single place. Among several other DeFi projects, Scallop shows the most potential to achieve the true goal of DeFi, which is mass adoption.
It is specifically designed products that rival the traditional financial services and will provide users with all the pros of traditional banking with added security and decentralisation. Scallop offers ten “X” products:
Scallop Earn, Scallop NFT, Scallop Banking Accounts, Scallop Cards, Scallop Pay, Scallop Multi-Currency Wallets, Scallop Money Transfer, Scallop Exchange, Scallop Cold Wallet, Scallop Chain
All of these products are powered by Scallop’s native token $SCLP, an ERC 20 token.
Scallop Coin (SCLP), is an ERC 20 utility token and acts as the primary means for transactions. It powers all the products in the Scallop Ecosystem and has multiple uses such as:
- Paying for Fees – Exchange and Transaction fees, Institutional management fees, Bank Transfer fees, Top-up account and wallet fees
- For receiving rewards, trading bonus payments and more:
- Crypto Back – from 0.5% to 1% on every in-store purchase paid in SCLP
- Institutional Offers – discount by networks for payment in SCLP
- Travel Offers – up to 1% for eligible foreign transactions paid in SCLP
- Business Rewards – Business incentives for using ARTH Stablecoin, paid in SCLP.
- For staking to open accounts and use Scallop services
Scallop is the traditional banking system with full crypto integration. Like conventional banks, Scallop offers Personal and Business Accounts and Basic and Elite Membership. Users can sign up for GBP/IBAN accounts in minutes thanks to Scallop’s AI-powered KYC. Multi-Fiat Currency wallets are available to store and spend 5+ currencies as well as making international transfers across the world. And for the first time ever, users will be able to pay for goods and services in any store, online or physical, directly with cryptocurrencies or DeFi liquidity pool (LP) tokens, using the Scallop Card.