A NOT-SO-DEEP DIVE INTO SCALLOP
The gospel of cryptocurrency is spreading into every corner of the globe as people all over the world are becoming aware everyday of the alternatives to traditional finance that now abound via crypto. Part of the reason for this is that countries such as the United States and Canada have now accepted cryptocurrency as legal tender, as well as top tech companies such as Amazon and Microsoft, which have adopted cryptocurrency as a payment method.
Cryptocurrency acceptance has steadily increased year after year, and some of them are increasingly being used in real-world applications. However, while cryptocurrency adoption is increasing, crypto products still have little interaction with the real world. The process of converting crypto assets to fiat currencies remains complicated and costly. This is referred to as ‘fiat on-ramping’ and makes it difficult for individuals to use their assets in mainstream transactions and slows the widespread adoption of cryptocurrency. The crypto community must continue to work on providing seamless cryptocurrency integration with traditional banking, as this would be a significant step toward mass adoption.
One of the projects that is actively working on making this integration a reality is Scallop. Scallop is the world’s first regulated Defi banking application, enabling both retail and institutional participants to enjoy the benefits of decentralized ecosystems while maintaining the ease of traditional bank accounts. Scallop happens to be the first project to provide this feature. Their fintech solution is built on blockchain, providing users with a safe and secure entry point into the world of cryptocurrency. They use blockchain to provide users with banking solutions that are as secure and robust as those currently used by traditional banking services.
By simultaneously operating in the Crypto and fiat spaces, the project reaps the benefits of both systems while limiting the inefficiencies associated with traditional finance. Scallop’s products are designed to be usable, simple, and trustworthy in order to make Cryptocurrencies and their associated products viable for everyday use by the layperson. Scallop accomplishes this in part through regulation and transparency. Scallop adheres to the provisions defined by the e-money licensing regulations for the UK and the EU, as well as the Electronic Money Regulations, 2011. Scallop also makes their products viable by utilizing cutting-edge blockchain technology to lay the groundwork for a secure project with global appeal.
Some of Scallop’s products that are currently available on the App include Scallop Earn, Scallop NFT, Scallop Pay and Scallop Multicurrency Wallets, amongst others. Scallop is the first service provider to allow users to promptly convert their Crypto through their Scallop bank accounts and spend the converted funds directly in either traditional or online marketplaces. Quite an innovation!
Finally, Scallop provides users with personal hardware wallets that feature EAL 6+ technology and bank-grade security for storing, sending, and receiving crypto funds. This is one of the major advantages that Scallop has over traditional financial systems. Scallop also provides users with software wallets that store their funds in cold wallets. Scallop’s partners insure these cold storages against loss of up to $100 million USD. Scallop’s Fiat funds are stored in major banks and protected by FSCS in the UK and Europe, and Scallop token contracts are insured by one of the most prominent crypto insurance providers.