SCALLOP PAY - PUSHING THE FRONTIERS OF BLOCKCHAIN PAYMENTS
The decentralized finance industry continues to show us why it’s the new rave and this time, it’s with Scallop Pay. Powered by the amazing infrastructure of DeFi, Scallop is a neo-bank that makes the most of blockchain at its apex to create a bridge between conventional and decentralized financial institutions. Scallop is bringing a whole new approach to payments that is not just super safe but trustworthy. And they are doing it with Scallop Pay.
As at the time of writing this article, time lags remain one of the major hassles of transacting in the crypto ecosystem. Here’s the chalk line as we know it: first, a user must sell their tokens in exchange for the native fiat equivalent. Next, they must deposit into their bank account through the crypto exchange they transact with. Finally, the wait begins in which the bank has to clear their deposit before they can spend it.
What all of this means is that if you wish to buy a carton of milk, you can’t go for a MILK/ADA pair because first, there’s nothing like that, and then next, this pair is tokenized and the ‘MILK’ is not milk. Quite a bummer if you ask anyone regularly conducting transactions on the blockchain.
The summary of it all is that irrespective of how many juicy coins a user might have in their digital wallets, they have to use native fiat currency to transact in real-time and so the conversion of crypto to fiat before purchases can be made. I’m sure the big snag is obvious now. The intricate process of excahnging alts before moving the units to a centralized exchange and local bank account, executing transactions is hardly a favorite for many crypto users. Especially when all you want to do sometimes is just buy a carton of milk. And so, people prefer to have funds in crypto and the bank. But this is not a very effective choice either.
Why? The circumstance of having two highly distinct financial systems demands a balance when maintaining both. Hence, a little error in judgment could incur costs in time and money. A lot of crypto users are still hopeful of a future where brick-and-mortar businesses accept gems as much as they accept fiat.
Where does Scallop Pay fit into all of this? Scallop Pay is a banking platform that provides a simple and seamless solution to the crypto/fiat problem. This project features incredible backend tech that smoothly processes every single transaction for users. By this, I mean converting crypto into fiat in a split second for vendors who don’t accept cryptocurrency to receive. This is the first-ever solution to this long-standing problem and it can only get better with Scallop.
Now, how is this going to work?
Scallop will be issuing out physical or virtual debit cards to facilitate transactions like this through Scallop Pay. Scallop users can utilize these cards the same way they would their fiat cards currently. This hot, amazing stuff guys!
Scallop Pay will also be supporting swaps between LP and crypto tokens staked in DeFi protocol to ensure unhindered access and use of your tokens wherever you are in the world.
The initiative of project Scallop Pay goes beyond regular transactions. Scallop aims to create a sustainable infrastructure for crypto payments. This infrastructure is simply a framework that forges a network for tons of traders toting different portfolios to coexist by making the most of smart contracts and the benefits they come with.
With infrastructures like this in place, there’s a safe space for trading to take place without interference in transaction speed. For companies and individuals willing to integrate crypto as a fintech commodity, this is a huge flex.
Scallop Pay is not just creating a chain link between traditional banking and decentralized finance, they are also committed to flooring the gas on the global transition to a highly equitable and decentralized financial system.
Learn more about Scallop here : https://bit.ly/3tI8JMt
Join the community here : https://bit.ly/3tI8XDj
