Scallop PCI Membership
A few months ago, Scallop achieved a very important milestone. The regulated DeFi banking app announced its membership in the PCI Security Standards Council (PCI SSC), a worldwide group dedicated to improving payment data security around the world. The DeFi firm stated that it would collaborate with the PCI SSC by assisting in the ongoing development and adoption of the PCI Security Standards.
As a member of such an organization, the DeFi banking project joined 800 other organizations in contributing DeFi-industry insights and recommending initiatives for the council. The company has also participated in council meetings and shared cross-sector experiences. These cross-sector experiences result from the ability to provide both retail and institutional participants with the benefits of decentralized ecosystems while maintaining the convenience of traditional bank accounts.
Scallop is the first project to offer this functionality. Their blockchain-based fintech solution provides users with a safe and secure entry point into the world of cryptocurrency. They employ blockchain technology to provide users with banking solutions that are as secure and robust as those currently used by traditional banking services. By operating in both the Crypto and fiat spaces at the same time, the project reaps the benefits of both systems while limiting the inefficiencies associated with traditional finance.
PCI SSC Executive Director, Lance Johnson, had this to say at the time, “In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches ……. Scallop is doing its part in improving payment security globally as they help create awareness and drive the adoption of the PCI Security Standards, a global standard for payment security administered by the PCI SSC.”
Now, fast forward to current times ……
Markets are panicking as a result of broader economic conditions such as rampant inflation, subsequent rate hikes, the Ukraine war, and economic slowdowns that have set the stage for a 2022 market correction. Cryptocurrencies were already on a downward trend, mirroring the general stock market. Terra Luna, a stablecoin project, was recently attacked and lost its dollar peg. There has been a lot of significant security issues over the years with various projects and, like the others before it, this has also made its mark on the crypto space.
But what does this mean for projects like Scallop?
I know you expect a grand analysis but it means little or nothing to Scallop. While the world is on spiral of fear, Scallop remains focused on the work to launch the app. They remain committed to providing seamless and simple access to digital money for all users, which is unaffected by market fluctuations. Despite the fact that the situation is tragic, they recognize that this is a new frontier with bridges to cross. This will only serve to highlight the crypto space’s tougher side and improve security measures.
This is also why Scallop’s collaboration with PCI SSC is critical, and why more projects should get involved. Better methods of carrying out transactions, as well as better regulatory controls for monitoring these transactions, will emerge as a result of the entire crypto community’s commitment.