What Is Scallop (SCLP) And How Does It Work? | KuCoin Crypto Gem Observer

2021/10/26 09:17:37

Despite the global downturn the traditional banking system has faced in recent times, cryptocurrencies have been able to thrive. The likes of Bitcoin, Ethereum and others have reached new heights at a time where economies have shrunk.

Realizing this, Scallop began building its own crypto-friendly banking solution that brought both cryptocurrencies and fiat into one ecosystem based on the principles of DeFi. In doing so, it is hoping to attract more users and push for mainstream adoption for the world of decentralization and blockchain.

What is Scallop?

Scallop is a platform that combines the worlds of crypto and fiat banking under one roof - with the requisite regulations and compliance that comes along with this. It is a one-stop solution for both cryptocurrency and banking solutions, allowing users to easily buy and sell crypto directly using their bank account among other daily banking needs. On top of this it incorporates DeFi alongside everyday banking needs.

How does Scallop work?

As a platform, Scallop provides different tiers of membership: Basic and Elite. The Basic membership offers a free account with a debit card, though it is limited to a certain number of transactions. Meanwhile, Elite membership offers users access added benefits with unlimited transactions, priority pass lounge access and metal card. To access Elite membership, users must stake $2,000 worth of SCLP.

Scallop can be broken down in 10 different products:

GBP/EU Bank Accounts.

Earn Accounts.

Scallop Chain.

NFT MarketPlace.

Scallop Debit Cards.

Scallop Pay (Payment Gateways).

Money transfer.

Multi Currency wallets.

Scallop Exchange.

Scallop Hardware Wallet.

Each of the products interact with the ecosystem in different ways. The Scallop app and corresponding wallets and bank accounts remain at its core. From the bank account and wallet, it is then possible to deposit fiat directly into DeFi protocols such as Aave or Compound, or buy, sell and leverage NFTs. This is all on top of the basic banking services such as a debit card, bank account and more.

Who created Scallop?

Scallop is the brainchild of CEO Raj Bagadi, COO Mindy Bejawn and CTO Pawan Pandey.

Raj has more than 10 years experience in banking and fintech, hence his vast knowledge of the industry and the best way to disrupt it. He is also a specialist in anti money laundering.

Mindy brings a background of more than 40 years in cryptography to Scallop, having received a PGC from Oxford.

Pawan offers over 25 years of experience in the tech development and management space prior to joining the Scallop team.

What is the SCLP token?

SCLP is an ERC-20 utility token, and so runs natively on the Ethereum blockchain where many prominent DeFi projects are based. The token distribution is as follows:

Staking: 25%

Fundraising: 23.5%

Team: 20%

Ecosystem: 10%

Marketing: 8%

LP: 7.5%

Advisors: 6%

What is the SCLP token used for?

The SCLP token is used throughout the Scallop ecosystem. For example, trading bonus payments - along with the many other rewards offered by Scallop - will be paid out in SCLP. It is also possible to stake SCLP in order to open accounts and access services. The token is needed for the payment of transaction fees, as well as exchange fees and monthly management fees.

Closing thoughts

Scallop is bringing a whole range of relevant products relating to DeFi in a way that is attractive to a broad audience. It takes elements from both crypto and the traditional banking world and integrates them seamlessly together in its ecosystem.

It is already ahead of the game when it comes to getting the necessary regulatory requirements to bring its vision to light. With a strong focus on security and accessibility, Scallop looks to be on the right track to bringing in the right audience.

Above all, Scallop is the world's first DeFi powered accounts, and KuCoin will list Scallop (SCLP) and open SCLP/USDT and SCLP/BTC trading pairs as a world premiere on October 28th. Let's wait and see it.