Decentralised Finance (DeFi) saw exponential growth in 2020 and 2021 promises to be yet another defining year. What’s particularly exciting is how DeFi has coincided with broader trends in banking and the rise of fintech 2.0 and neobanks.
Fintech 2.0 places power in the hands of the customer and traditional banks beginning to lose market share with their outdated models. Today, neobanks, payment apps and digital wallets have all emerged as alternatives for customers to manage their money and they all offer greater control and transparency to the consumer.
Scallop has surfaced as a neobank which bridges the crypto and fiat worlds, providing a timely interface between DeFi and banking. Scallop is FCA regulated and offers a range of ten “X” products which are designed to make users' day-to-day lives easier and to directly interact with crypto and DeFi protocols from their Scallop banking account. The Scallop coin - SCLP - will empower the entire Scallop banking ecosystem.
SCLP will go live on the Ethereum network due to its wider scope and scalability. SCLP will be used for:
Receiving trading bonus payments
Staking SCLP to open Elite Accounts and access services
Payment of transaction fees
Transaction fees, exchange fees, and monthly management fees
Scallop’s suite of banking products aims to solve three major concerns:
Friction when moving between fiat and crypto
Converting fiat into cryptocurrencies and vice versa is not smooth and could dig a hole in user’s pockets with its associated fees.
Markets are volatile and therefore is difficult for vendors to accept payment in cryptocurrency
Scallop will provide an on/off ramp for seamlessly exchanging fiat into crypto and vice versa. Currently there’s a long-winded process of moving between wallets, exchanges and then depositing money into your bank account to finally use. Scallop exchange will take care of this process seamlessly and instantly deposit to your Scallop Account ready for use. If you want to pay directly with your digital assets, you will be able to, for the first time ever, with Scallop Pay. Users can pay for any good or service in any online or physical stores directly with their cryptocurrencies or liquidy pool (LP) tokens, as Scallop’s innovative technology handles all components of the transaction on the backend, allowing the vendor to receive the correct monies.
Scallop products will include:
Scallop Cards: Virtual and Physical debit cards
Scallop Accounts: Users can open both GBP and IBAN accounts for daily activities such as setting up direct debits,money transfers and of course, spending.
Scallop Earn: Personal and Business users can choose APY rates from DeFi protocols such Compound, Aave, dYdX and more, to earn high yields (6-15%) on their savings
Scallop Hardware Wallet: Banking-grade hardware wallet for the highest security on users asset holdings
Scallop NFTs:NFT Marketplace to store and exchange digital content
The full list of Scallop products include: Scallop Earn, Scallop NFTs, Scallop Banking Accounts, Scallop Cards, Scallop Pay, Scallop Multi-Currency Wallets, Scallop Money Transfer, Scallop Exchange, Scallop Cold Wallet, Scallop Chain
Scallop has presented the complete modern banking system for users. By being on-chain it allows users access to the world of digital finance, whilst offering high levels of security and transparency. Users are not losing out on their traditional banking needs whilst being able to take advantage of the new more equitable financial system that is DeFi. The SCLP token that will empower the whole ecosystem is expected to launch prior to the Scallop product launch, which is scheduled for September 2021, in their product roadmap.
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