KuCoin AMA With Scallop (SCLP) — Transforming Mainstream Fintech Ecosystem to a Next-generation DeFi Application

2022/08/03 03:28:51

Dear KuCoin Users,

Time: August 1, 2022, 11:00 AM - 12:10 PM (UTC)

KuCoin hosted an AMA (Ask-Me-Anything) session with the Founder and CEO of Scallop, Raj Bagadi, in the KuCoin Exchange Group.

Official Website: https://scallopx.com/

Whitepaper: https://scallop-bucket.s3.eu-west-1.amazonaws.com/upload_file/SCALLOP1/Scallop+Whitepaper.pdf

Follow Scallop (SCLP) on Twitter and Telegram.

Guest Introduction:

Raj — Founder and CEO of Scallop

Raj Bagadi, the founder and CEO of Scallop, is a certified AML specialist. He is a postgraduate from Oxford and dreams of revolutionizing the finance industry. He is also a certified anti-money laundering specialist in the UK. He also has extensive experience in the finance sector and is an expert in financial regulations and anti-money laundering. Before starting Scallop, Raj advised blockchain and cryptocurrency start-ups to provide technical and software solutions.

Q&A from KuCoin

Q: Our audience would love to know more about Scallop. Please introduce Scallop to us, Raj!

Raj: Scallop is a regulated & licensed banking institution with plans to offer a comprehensive suite of next-generation, innovative banking infra, and digital asset products to approximately 750 million citizens in the UK, Europe, Canada. The institution also has plans to expand into other regions to reach a global 1.5 billion users soon.

Scallop Chain is one of our most innovative products–our crown jewel, the world's first regulated bank on a Layer1 Chain because of its underlying blockchain infrastructure. The single-binary blockchain distribution prioritizes developer convenience, speed, security, and simplicity. The chain is built on the Cosmos ecosystem using Tendermint and Ethermint core with built-in KYC and AML modules in the core consensus and supports EVM compatibility. In addition, Scallop Chain is designed for proof-of-stake applications that require public authorization. With this foundation, Scallop is designed to link traditional banks to cross-chain DeFi applications. In addition, Scallop will allow institutional partners to collaborate directly with the company to develop secure custody services, interest-bearing savings accounts, debit cards, and a seamless onboarding from fiat to the crypto ecosystem.

Q: What separates Scallop from the rest?

Raj: Scallop has set up a unique position by providing an integrated and simple solution for the users to benefit from the world of cryptocurrencies without any complications. It is the first service provider where users can convert their digital currencies instantly using Scallop bank accounts and spend the funds directly in traditional or online marketplaces. No project in the market offers Scallop's simplicity and accessibility, giving it the edge to become the leader in the industry.

Imagine when you register on Scallop web wallet like metamask, and after passing KYC and AML, you get a wallet address that happened to be an IBAN. Scallop brings both crypto and banking to one place in a unique way.

We don't have direct competitors in the market, but some close ones are below.

Q: What is the native token of Scallop? And what's its real utility?

Raj: Scallop is powered by its token SCLP, a utility token based on the Binance Smart Chain (BSC) network.

The contract address is as follows:


You can find us on the following:

Coingecko: https://www.coingecko.com/en/coins/scallop

CoinMarketCap: https://coinmarketcap.com/currencies/scallop/

It is a multi-utility token used within the ecosystem to pay for swap, transaction fee, management fee, institutional management fee, stake scallop to run a node, and token hosting fee.

Payments: Enjoy up to 20% discounts on transaction fees and others when paying in SCLP.

Staking: Hodl and stake SCLP for up to 40% APY

Access to Elite account membership: Become an Elite account holder by staking SCLP and enjoy greater payback, airport lounge access, dedicated customer service, and much more!

Q: Scallop recently announced the approval of dedicated Sort Codes. What are they, and why does it matter?

Raj: We are delighted to officially announce on the Kucoin platform that Scallop is licensed to issue dedicated Sort-Code accounts to its users and permitted to issue dedicated sort code bank accounts.

A sort code is a numerical code used by the British and Irish Banks to identify the bank's location where the accounts are held. Scallop will be among the rare Neo banks to get its sort code, which will significantly boost the credibility of its banking services.

Scallop will utilize its own sort code 04-29-06. The six-digit code is often embedded in the IBANs and can be crucial to identifying accounts and tracking money transfers.

Users can verify their 6-digit sort codes while sending payments or adding new payees from Scallop neo bank. This provides a great first step toward giving customers complete transparency around their finances.

Q: What licenses has Scallop acquired? Can you shed some light on the importance of compliance in Scallop?

Raj: Scallop is licensed to provide crypto activities in the UK, EU, and Canada to offer Fiat and Crypto activities in Canada. Moreover, Scallop goes beyond the mandatory requirements as part of user compliance.

Scallop is the trading name of Scallop Group Ltd., registered in England and Wales with company number 12764221. Scallop UK accounts and debit cards are provided by Modulr Finance Ltd, which are authorized and regulated by the Financial Conduct Authority (FRN: 900699). Scallop EU accounts and debit cards are provided by Modulr FS Europe Limited, which are authorized and regulated by the Central Bank of Ireland (REF: C191242).

Scallop Fintech Inc. is a license to provide Fiat and Crypto activities in Canada

with MSB registration number: M21059242

We are expanding into more countries, and our channels will announce the details.

It is of the utmost importance to Scallop to work in unison with regulators around the globe, as Scallop believes crypto adoption can only happen in a regulated manner.

Q: What are the products of Scallop?

Raj: Scallop is a hub for DeFi innovations and banking services. Here are the various products offered by Scallop:

Crypto Products

Scallop Chain: Scallop plans to connect traditional banks with cross-blockchain applications. Institutional partners work directly with Scallop.

Payments: Payment gateway service enables crypto to fiat on/off ramp payments.

Hardware wallet: Store and trade your crypto using Scallop cold wallets.

NFT Marketplace: Buy, sell and leverage digital content using a built-in NFT marketplace.

Scallop Earn: Earn the best rates from Defi protocols like Compound and Aave with all the utility and none of the complexity.

Scallop Swap: Swap your assets at a great rate

Banking Products

Accounts: Open GBP and IBAN accounts for daily use for both personal and business users

Cards: Virtual and physical spending cards on the Visa payment network

Multi-currency Wallet: Store, spend and send 15+ international currencies

Transfer: Send & Receive money in all major currencies to anyone, anywhere.

Q: Tell us some fun-fact about the brand story behind Scallop. Is this whereas a diver, you found that the pearl is hidden in deep waters?

Raj: I was diving in the ocean and saw a scallop. I could not stop thinking about it, mainly because of its beautiful shape and color. Not to mention the possibility of finding a pearl inside it. After a few years, while I was working on our project initially, I realized that the nature of blockchain is similar to a Scallop. We can see the beauty of our business from the outside only if we dive deep inside the technology and find out how it works.

Our company name "Scallop" originated from this story.

A bivalve mollusk brings two shells together and creates a life form called Scallop. Similarly, when crypto and banking come together in one app, it's called Scallop. The Pearl is Scallop Logo

Q: Where can we learn more about Scallop, and how do we follow your updates?

Raj: Some more exciting announcements to come! You can follow us here:

Website: https://scallopx.com/

Medium: https://medium.com/scallopx

Twitter: https://twitter.com/ScallopOfficial

Telegram: https://t.me/Scallop_Official

Instagram: https://www.instagram.com/scallop.official

LinkedIn: https://www.linkedin.com/company/scallopx

Youtube: https://www.youtube.com/c/Scallopx

Find all Links here: https://linktr.ee/scallopdefibank

Free-Ask from KuCoin Community

Q: I am interested in investing in your project. When and where can I buy your tokens? Is it already listed on exchanges?

Raj: Scallop SCLP is listed on Kucoin, and you can buy Scallop on Kucoin.

Please click the below links to buy SCLP.

SCLP/USDT: https://www.kucoin.com/trade/SCLP-USDT

SCLP/BTC: https://www.kucoin.com/trade/SCLP-BTC

Q: Does your project support a staking program? If yes. How does your stake system work? What is the requirement for the user if they want to stake in your platform?

Raj: Yes, we have a staking program in place. Users can stake SCLP Tokens anytime from 30 days to 4 years! Of course, the longer the staking period, the higher the APY. Unlike other staking programs, users can also claim staking rewards whenever they want - they’ll be available instantly for you to collect.

Stake your scallop here. https://stake.scallopx.com

Q: Partnerships and collaborations are the backbones of making every project more widespread. Can you list some of your partners with us?

Raj: We partnered with Ledger, Tendermint, Chainalysis, and Fireblocks to reduce fraud, and as per AML regulations, we always share data with government regulatory agencies through Chainalsysis. For more details, please check our website www.scallopx.com.

Scallop partnered with several banking partners, including Modulr and DC bank.

VISA issues scallop cards, and Ledger issues Scallop hardware wallets. We have a work-in-progress ongoing to partner with Terra, Aave Compound, Anchor, and a few more.

Q: Will Scallop run on its blockchain? If so, when will Scallop launch it? How will you introduce your peg coin?

Raj: Yes, Scallop is launching its chain. We have a great surprise around the pegged coins in the Scallop chain.

Scallop chain, which is the world’s first regulated blockchain. It is interoperable with Ethereum, Binance, Polygon, and EVM-based blockchains.

The solution that Scallop provides is a platform with both banking and cryptocurrency services where users can do just this - connect a hardware wallet and buy/sell crypto directly between the wallet and the bank account.

Q: What is your top priority in 2022??

Raj: We are aiming to launch the Scallop app for whitelisted Beta users very soon. Scallop chain mainnet to go live in Q4 of 2022. We have more exciting achievements as part of the expansion and growth in 2022.

Giveaway Section

KuCoin and Scallop (SCLP) have prepared a total of 2,000 USDT to give away to AMA participants.

1. Pre-AMA activity: 1,925 USDT

Quiz: 1,500 USDT

Price Guess: 300 USDT

Participation Rewards: 125 USDT

2. Free-ask section: 75 USDT

. . .

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