Scallop (SCLP)

World’s First

DeFi Powered Accounts

Scallop is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.

Public confidence in the banking system was undermined after the 2008 financial crisis. Within a few months, the Bitcoin genesis block was mined and people were able to access a decentralized digital currency free of any central control, government regulation, and inflation dictated simply by supply and demand. Fast forward to today and the COVID-19 crisis has seen the largest global recession since World War II, which has already doubled the economic impact of the 2008 credit crunch and is still ongoing.

Over the past year, in the face of the biggest monetary binge in history, decentralized finance (DeFi) has taken off. DeFi recreates traditional financial products and services on blockchain-based ledgers without relying on central financial intermediaries such as brokerages, exchanges, or banks, and instead uses smart contracts. The total value locked (TVL) of DeFi platforms has skyrocketed from less than $1 billion in the first half of last year to over $86 billion today (May 10, 21), and this is just the beginning.

DeFi has opened the door to a completely new financial system built from the bottom up and using tokens as a medium of exchange for P2P value. However, this transformation is young, traditional finance is developing slowly, and as a result, the token economy is separated and isolated from existing systems. This barrier prevents people from seamlessly moving between cryptocurrency and fiat, so the potential of DeFi and cryptocurrency adoption is held back.

Scallop (SCLP): Bridge between worlds

For cryptocurrency users around the world, one of the most frustrating things is the lack of an interface with the rest of the world. For example, you can easily move and exchange crypto for crypto between exchanges, DeFi protocols, and your wallets, but trying to use crypto assets in the real world is a painful experience.

Let's say you want to do something simple like buy eggs. There is no EGGS/ETH pair, and even if there was, it would be a coin, not real food! Cryptocurrency users are still forced to use legal tender and must convert their crypto back to fiat in order to make this purchase, which is a real problem given the current convoluted process; switching from any altcoin to ETH, ETH to CEX, transferring funds to a bank account, waiting for funds to be calculated, and then buying eggs.

Thus, people should keep part of the money in crypto and part of the money in their bank, but neither is completely efficient. Having two separate systems requires a balance between maintaining them, and any misjudgment costs time and money. Cryptocurrency users hope that one day companies will switch to crypto, but they will need fiat for the foreseeable future.

Scallop is a DeFi-enabled neo-bank that uses blockchain at its core to provide a safe and secure solution to bridge the gap. The vision is to create an ecosystem where cryptocurrency users can freely use their digital assets without any barriers that currently prevent their adoption and use. The Scallop solution works by seamlessly converting any virtual currency into the fiat currency of their choice.

Scallop (SCLP)

Scallop is not just another cryptocurrency-based service, it is designed as a real solution to easily move between traditional and decentralized finance, pushing digital assets into mass use. Scallop links your digital wallet with banking services to link crypto assets to fiat currencies in a single digital environment, enabling instant seamless transactions between accounts and cold/hot wallets.

Scallop provides users with many exciting new ways to manage their crypto assets:

Marine Scallop (SCLP) Earnings:

Traditional banking intermediaries benefit greatly from people earning close to 0% on their savings and current accounts worldwide. Now anyone can deposit fiat money and directly access the high returns available on leading DeFi protocols like Compound, Aave, DyDx, etc. with increased security and less hassle.

We can envision a future where everything, both digital and physical, can or will be represented by NFTs. One transaction, without intermediaries. Buy, sell and use NFTs through the built-in marketplace on the Scallop platform.

Users can buy, sell and exchange cryptocurrencies directly from their bank account to a hot/cold wallet connected to Scallop. Exchange your DeFi tokens directly for fiat, and for the first time, exchange liquidity pool tokens for fiat and vice versa. Trade the hottest and newest coins in one click thanks to direct integration with Uniswap.

Scallop chain supports a set of cross-chain financial applications in the Polkadot ecosystem by integrating banking APIs into Scallop chain smart contracts. This allows institutional partners to work directly with Scallop and create secure custody services, interest-bearing savings accounts, debit cards, fiat-to-crypto gateways, and more.

Below are some of the obvious benefits you only get when using the various Scallop offerings.

Scallop accounts are the first of their kind that allow you to deposit and spend your DeFi tokens without worrying about having to withdraw tokens from various DeFi protocols.

Users can create a personal or commercial bank account without any credit checks using cryptocurrency. Instant KYC will allow users to open GBP/EUR bank accounts within minutes. Scallop accounts are traditional bank accounts that can be used for day to day activities such as receiving payroll, setting up direct debit, sending money, etc.

Personal users can make fiat and cryptocurrency payments by scanning a QR code.

Business users can receive fiat and cryptocurrency payments using a QR code.

Users can also instantly send and receive fiat currency to their friends and family living in other countries using any cryptocurrency.

Scallop cards are debit cards linked to a bank account that can be used to withdraw cash or make purchases around the world.

With the Scallop card, you can spend your staked DeFi tokens without having to worry about them getting disconnected from stakes and converting to crypto and then to fiat, and then finally being able to spend them.

Scallop provides a secure hardware wallet that is used to store cryptocurrencies offline. Users can buy, sell and exchange cryptocurrencies directly from their hardware wallet to Scallop bank accounts. These wallets are a bank-grade specification, as follows:

- Made with an EAL 5+ financial grade cryptographic chip that fully protects your private keys.

- Equipped with Infineon CCL 6+ security system, the highest level of security for financial applications. Your cryptocurrency, your keys.

- A built-in self-destruct and key-wipe mechanism that protects your assets from any possibility of hacking.

World’s First

DeFi Powered Accounts

Scallop is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.

Public confidence in the banking system was undermined after the 2008 financial crisis. Within a few months, the Bitcoin genesis block was mined and people were able to access a decentralized digital currency free of any central control, government regulation, and inflation dictated simply by supply and demand. Fast forward to today and the COVID-19 crisis has seen the largest global recession since World War II, which has already doubled the economic impact of the 2008 credit crunch and is still ongoing.

Over the past year, in the face of the biggest monetary binge in history, decentralized finance (DeFi) has taken off. DeFi recreates traditional financial products and services on blockchain-based ledgers without relying on central financial intermediaries such as brokerages, exchanges, or banks, and instead uses smart contracts. The total value locked (TVL) of DeFi platforms has skyrocketed from less than $1 billion in the first half of last year to over $86 billion today (May 10, 21), and this is just the beginning.

DeFi has opened the door to a completely new financial system built from the bottom up and using tokens as a medium of exchange for P2P value. However, this transformation is young, traditional finance is developing slowly, and as a result, the token economy is separated and isolated from existing systems. This barrier prevents people from seamlessly moving between cryptocurrency and fiat, so the potential of DeFi and cryptocurrency adoption is held back.

Scallop (SCLP): Bridge between worlds

For cryptocurrency users around the world, one of the most frustrating things is the lack of an interface with the rest of the world. For example, you can easily move and exchange crypto for crypto between exchanges, DeFi protocols, and your wallets, but trying to use crypto assets in the real world is a painful experience.

Let's say you want to do something simple like buy eggs. There is no EGGS/ETH pair, and even if there was, it would be a coin, not real food! Cryptocurrency users are still forced to use legal tender and must convert their crypto back to fiat in order to make this purchase, which is a real problem given the current convoluted process; switching from any altcoin to ETH, ETH to CEX, transferring funds to a bank account, waiting for funds to be calculated, and then buying eggs.

Thus, people should keep part of the money in crypto and part of the money in their bank, but neither is completely efficient. Having two separate systems requires a balance between maintaining them, and any misjudgment costs time and money. Cryptocurrency users hope that one day companies will switch to crypto, but they will need fiat for the foreseeable future.

Scallop is a DeFi-enabled neo-bank that uses blockchain at its core to provide a safe and secure solution to bridge the gap. The vision is to create an ecosystem where cryptocurrency users can freely use their digital assets without any barriers that currently prevent their adoption and use. The Scallop solution works by seamlessly converting any virtual currency into the fiat currency of their choice.

Scallop (SCLP)

Scallop is not just another cryptocurrency-based service, it is designed as a real solution to easily move between traditional and decentralized finance, pushing digital assets into mass use. Scallop links your digital wallet with banking services to link crypto assets to fiat currencies in a single digital environment, enabling instant seamless transactions between accounts and cold/hot wallets.

Scallop provides users with many exciting new ways to manage their crypto assets:

Marine Scallop (SCLP) Earnings:

Traditional banking intermediaries benefit greatly from people earning close to 0% on their savings and current accounts worldwide. Now anyone can deposit fiat money and directly access the high returns available on leading DeFi protocols like Compound, Aave, DyDx, etc. with increased security and less hassle.

We can envision a future where everything, both digital and physical, can or will be represented by NFTs. One transaction, without intermediaries. Buy, sell and use NFTs through the built-in marketplace on the Scallop platform.

Users can buy, sell and exchange cryptocurrencies directly from their bank account to a hot/cold wallet connected to Scallop. Exchange your DeFi tokens directly for fiat, and for the first time, exchange liquidity pool tokens for fiat and vice versa. Trade the hottest and newest coins in one click thanks to direct integration with Uniswap.

Scallop chain supports a set of cross-chain financial applications in the Polkadot ecosystem by integrating banking APIs into Scallop chain smart contracts. This allows institutional partners to work directly with Scallop and create secure custody services, interest-bearing savings accounts, debit cards, fiat-to-crypto gateways, and more.

Below are some of the obvious benefits you only get when using the various Scallop offerings.

Scallop accounts are the first of their kind that allow you to deposit and spend your DeFi tokens without worrying about having to withdraw tokens from various DeFi protocols.

Users can create a personal or commercial bank account without any credit checks using cryptocurrency. Instant KYC will allow users to open GBP/EUR bank accounts within minutes. Scallop accounts are traditional bank accounts that can be used for day to day activities such as receiving payroll, setting up direct debit, sending money, etc.

Personal users can make fiat and cryptocurrency payments by scanning a QR code.

Business users can receive fiat and cryptocurrency payments using a QR code.

Users can also instantly send and receive fiat currency to their friends and family living in other countries using any cryptocurrency.

Scallop cards are debit cards linked to a bank account that can be used to withdraw cash or make purchases around the world.

With the Scallop card, you can spend your staked DeFi tokens without having to worry about them getting disconnected from stakes and converting to crypto and then to fiat, and then finally being able to spend them.

Scallop provides a secure hardware wallet that is used to store cryptocurrencies offline. Users can buy, sell and exchange cryptocurrencies directly from their hardware wallet to Scallop bank accounts. These wallets are a bank-grade specification, as follows:

- Made with an EAL 5+ financial grade cryptographic chip that fully protects your private keys.

- Equipped with Infineon CCL 6+ security system, the highest level of security for financial applications. Your cryptocurrency, your keys.

- A built-in self-destruct and key-wipe mechanism that protects your assets from any possibility of hacking.

World’s First

DeFi Powered Accounts

Scallop is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.