SCALLOP AND RIVALS PROJECTS IN THE MARKET
Cryptocurrency has been evolving at the speed much thought it would and there’s no limit to how big a bang they are going to be in the next few years. Its onset alone has created endless opportunities for exchanges, banks, wallet providers, and payments platforms to cut down on how much power local banks have in the ecosystem of payments with the overall objective of completely dis-intermediating them from the scheme of things.
As of writing the market is saturated with short-sighted payment services which provide users with one, meager feature to interact and engage in the crypto space. The result of this is that crypto users have to juggle numerous platforms just to meet and manage their crypto needs.
Exchanges today have become mandatory on/off ramps for users to buy or sell crypto into fiat and the same applies for purchasing or selling fiat into crypto. The same can be said for DeFi protocols, which must be used to get dibs on high-interest yields on savings and payment platforms if a user wishes to spend fiat exchanged from crypto.
Sadly, this system is grossly lacking. Hence, the gap between the crypto space and institutions which operate with fiat. But Scallop has saved the day with a one-size-fits-all solution to the problem of every active user on the crypto space: a flawless interface between DeFi and banking that is the first of its kind. What this means is that users no longer have to go through the hassles of depositing fiat into a CEX/DEX, transferring to a wallet that is compatible with their needs before engaging DeFi platforms. I’m sweating just writing about this but this was the status quo before Scallop developed this one-stop solution and there’s more to what they are bringing to the table.
Scallop Exchange will also enable the translation of fiat to crypto for users to purchase their favorite coins and sell them while Scallop Pay will facilitate payment of goods and services directly through digital assets for users. In other words, Scallop is an excellent combination of traditional banking and crypto what-nots on one single platform that incorporates every service necessary to seamlessly manage digital assets.
But Scallop is not the only one in business and this article, we would do a brief but thorough overview of how Scallop Exchange stands out from its competitors.
Scallop vs Crypto.com
Crypto.com is making its mark in the crypto space as a leading exchange for buying and selling cryptocurrencies. New users get a Visa card which serves as a prepaid card and must be topped up from time to time since it’s not linked to a bank account. Their card comes with unique benefits and perks for users who stake the utility token of Crypto.com.
Scallop’s differing point
Unlike Crypto.com’s Visa card, Scallop Card is connected directly to your Scallop Banking Account, allowing it to be used just the way you would use a debit card (no topping off business here!) Scallop Cards can also be utilized for crypto purchases directly online or in-store purchases. No other card has been able to do that so far.
Users also get amazing rewards and perks when they stake SCLP, the native utility token of Scallop. When it comes to obtaining elite membership on Scallop Exchange, all users need to do is stake $5,000 of SCLP token, a refreshing difference compared to the $400,000 at Crypto.com
One more perk, Scallop provides banking accounts to users with full sort codes and account numbers. This is available to UK users and EU accounts with IBAN and only made possible by the quality of Scallop being a neobank and not only a crypto/payment like Crypto.com. Finally, Scallop is An avid supporter of Cold wallet integration, LP token acceptance, and DeFi token acceptance.
Scallop vs Revolut
To date, Revolut remains Europe’s leading neobank. But buying cryptocurrency on this platform while being easy to do requires doing so with a closed wallet. This means that users don’t exactly own tokens they bought and also tokens can’t be sent or received since there’s no wallet address. All tokens purchased are held by Revolut. While they are looking to provide withdrawal to third parties for metal card users, this will only support Bitcoin.
Scallop’s differing point
Scallop Exchange, on the other hand, lets you enjoy both cold and hot wallets through which tokens can be sent or received. Users also get ownership of their keys with full reign to withdraw their gems whenever they want irrespective of their membership type. It doesn’t end there. Scallop hardware wallets have a banking grade order that’s:
• Rooted with key-erasing and self-destructing machinery that keeps your assets safe from hacking.
• Created from EAL 5+ financial class crypto chip that thoroughly secures your private keys.
• Furnished with Infineon CCL 6+ security.
Scallop vs Coti
Coti is a payment system based on blockchain that provides multi-currency fiat wallets and supports digital wallets for the average crypto user to utilize every day as well as run on their blockchain. Just like Crypto.com, Coti is set to release its own pre-paid cards in the future.
Scallop’s differing point:
Everything Coti offers as at writing is also offered by Scallop Exchange with the bonus of real fiat accounts for banking and other banking utilities which connect to the Scallop Card.
Conclusion
While being positioned well enough to capitalize in a rather competitive market, Scallop Exchange also has a distinct strategy to enable them to scale and grow beyond its current position in the crypto landscape.
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