The financial banking system’s downturn has made many realize the thriving tenacity of cryptocurrencies. For instance, traditional blockchains like BTC, ETH, and others recorded a new ATH despite the shrunken economy worldwide during the COVID-19 lockdown.

All these realizations lead to the Scallop organization developing its crypto-friendly banking solution. Scallop’s crypto-friendly banking solution aims at perfectly merging cryptocurrencies and fiat into a single network using the concept of Decentralized finance.

The project was developed to attract more users, ultimately leading to the mass adoption of DeFi/blockchain technology.

What is Scallop?

With the Scallop platform, the world of crypto and fiat banking becomes one, combined with the requirements for operating that kind of system. Scallop crypto-friendly banking solution is the ultimate solution that bridges both cryptocurrency technology and banking operations.

Furthermore, the solution allows users to easily transact (buying and selling crypto) with their bank account. It also merges Defi with their everyday banking needs. Scallop’s concept of “Banking-as-a-Service provider” was designed to help users manage and utilize both cryptocurrencies and fiat via a variety of unique products and services.

Scallop’s development is bound to bridge the restrictions between traditional banking and DeFi, thanks to the powerful merged Fiat/Crypto account. Moreover, the account is supplemented with a series of banking products.

Scallop’s platform will not only make cryptocurrency more accessible but also allow users to keep up with the rapidly expanding Defi environment thus providing an experience like our current online banking solution.

The brains behind the project

About forty financial and technology professionals make up the team behind the Scallop project. However, it is headed by Co-founders Raj Bagadi (CEO) and Mindy Bejawn (COO). Not only is CEO Raj Bagadi a banking and fintech professional with 10 years of experience, but he’s also an anti-money laundering expert. Therefore, his in-depth knowledge of the industry makes it easier for him to disrupt it.

Meanwhile, COO Mindy Bejawn has 40 years of experience in development engineering plus a PGC certificate from Oxford. Lastly, Pawan has about 25 years of experience in the tech development and management space.

SCLP coin

Scallop platform is powered by its native coin “Scallop Token”. Users in possession of Scallop coin (SCLP) get to enjoy certain perks and rewards. Opening an account with Scallop requires users to stake SCLP tokens and at the same time, this gives them the benefits of 1% crypto back on transactions.

Furthermore, SCLP coin can be used to pay for transaction fees, exchange fees, and monthly management fees. Scallop intends to develop both an ERC-20 and BEP-20 token, which will be fundamental within the Scallop ecosystem. Additionally, native use cases like receiving trading bonus payments, staking will be included in the ecosystem

Key features

Essential key features of Scallop includes:

Scallop Cards

With the Scallop card, users can pay for their desired goods or services online or in-store with digital assets like ETH, BTC, and SCLP.

Scallop Exchange

The exchange supports fiat to crypto or crypto to fiat conversions and direct integration with Uniswap.

Scallop Hardware Wallet

The team also developed an exclusive hardware wallet backed up with an EAL 6+ certified secure system.

Scallop Earn

This feature allows the use of crypto or fiat to earn with popular DeFi protocols like compound and Aave.

Scallop NFT

Scallop’s in-built NFT marketplace allows users to purchase NFTs with fiat.

Scallop Payments

This is a payment gateway for businesses to set up on/off from crypto to fiat and vice versa that also supports functions to receive payments from customers.

Scallop Chain

The development of the Scallop chain is aimed at overlaying the whole Scallop-banking ecosystem as a regulated blockchain. Thus, Scallop chain has the potential to power cross-chain financial transactions and utility. Its unique design provides institutional partners with the ability to design and deploy secure interest-bearing savings accounts, custody services, a fiat on-ramp to cryptocurrencies, and debit cards.

The organization aims to first build Scallop on the Ethereum ecosystem, then migrate to the custom-built Scallop Chain. Some of Scallop’s chain potential development includes instant transaction confirmations, low transaction fees, and support for DApps.

Of course, developers and non-developers are highly welcome to build and work on the Scallop network together, because this helps the Scallop blockchain to grow quickly. Initially, users will be offered two membership tiers (Basic and Elite) to pick from. Each tier comes with different benefits.

Scallop plans

Scallop protocol is working relentlessly to give its users the best-unrestrained blockchain. First of all, It has already been authorized by the Estonian Regulator to provide virtual currency and exchange services. Further plans include establishing accounts in the UK and Europe by November 2021.

What is more, part of the Scallop Roadmap states that Scallop is expected to roll out its Scallop Pay and NFT features by November 2021 while the Scallop chain is scheduled to launch in the first quarter of 2022.

How to exchange SCLP or how to buy Scallop with crypto?

Wondering where to buy SCLP? However, you don’t need to worry, JansWap is the best SCLP exchange platform in the crypto market today. To conduct a Scallop exchange on JansWap:

• Open JansWap on your web browser.
• Locate the “select pair” tab, and insert the amount and type of crypto that you are willing to swap in the “send” section.
• In the “get up to” section, you will see the amount of SCLP to receive.
• Immediately after you enter the details, JansWap will provide you with a number of offers. You have the option to choose based on the best rate, fastest exchange time, and the one with the best service rating.
• Worried about the validity of a particular exchange? Fret not, JansWap has taken an extra step to ensure that information about each exchange partner has been added to the platform. This information includes reviews, pros, and cons. To access this information, simply click on the exchange and you will automatically see it.
• When you find an offer you like, simply click on it and click on “exchange”.
• You will be prompted to enter the wallet address to receive your SCLP, an address to refund you, and an email address (which is optional).
• Once you’ve entered these details, hit on “proceed to exchange”.
• After your deposit is received, the exchange partner will then convert your deposit to SCLP. Just wait for the process to finalize. It may take some time.