SCALLOP SPOTLIGHT
Hello Scallop Community,
Today’s article on Scallop will be a brief one throwing the spotlight on the following areas:
· Token & its Utility,
· Reward Structure,
· Exclusive Owner Benefits
· Scallop Chain, and
· Regulation.
Scallop Token Utility
The Scallop Token (SCLP) is a utility token that operates on the Binance Smart Chain (BSC) Network. The choice of BSC was based on its broad range of Defi functionality. With BEP 20, the token will run natively on BSC. The SCLP token can be used to pay fees such as exchange/transaction fees, monthly management fees, institutional management fees, bank transfer fees, loading and unloading fees, ATM fees, and even token hosting fees.
Reward Structure
Scallop Account holders are eligible for a reward program. The SCLP token is intended to be used as a universal reward token for the Scallop reward programs listed below:
· Crypto Back — from 0.5% to 1% on every in-store purchase paid in SCLP
· Institutional Offers — discount by institution/merchant networks, paid in SCLP.
· Travel Offers — up to 1% for eligible foreign transactions paid in SCLP.
· Business Rewards — Business incentives for using ARTH Stable coins, paid in SCLP.
· Deposit Incentive — Reward 5% in SCLP Tokens.
· Referral Bonus — 20 SCLP tokens when your friend signs up on scallop app.
· Sign up Bonus — 10 SCLP tokens when you sign up on scallop app.
Exclusive Owner benefits
SCLP holders will have access to exclusive Scallop app and Scallop Business features such as fee reductions, an Elite Visa card, multiple IBANs per legal entity, higher crypto back, bespoke merchant offers and discounts, no transaction limits, early access to new features, and even free accounting integration.
Scallop Chain
The Scallop Chain is a fully functional single-binary blockchain distribution that prioritizes simplicity, speed, and developer ergonomics. It is optimized for public permissioned proof-of-stake use cases and supports both EVM and WASM-based smart contracts. Scallop intends to link traditional banks with cross-chain applications. Scallop will be able to work directly with institutional partners to develop secure custody services, interest-bearing savings accounts, debit cards, and a fiat on-ramp to the crypto ecosystem.
Regulation
FINTRAC has granted Scallop the prestigious MSB licence, allowing it to conduct banking operations in Canada. This license enables Scallop to operate a strong DeFi banking ecosystem in an important North American market, providing users and institutional partners with a full range of regulated Crypto & banking services. Scallop also has a pending application to meet the regulatory requirements for acting as an EMD (Electronic Money Derivative) in the United Kingdom. They already have an e-money distribution license as an Electronic Money Intermediary in Europe through an EMI based in Ireland, as well as an Estonian crypto license to provide full crypto activities in Europe. With this, Scallop is now able to provide Crypto and banking services throughout the EU.
Scallop adheres to the Accounting Standards Board’s financial reporting standards and statements of standard accounting practice. These Statements of Recommended Practice issued by industry bodies are acknowledged by the Accounting Standards Boards:
· International Accounting Standards issued by the IASB,
· International Standards on Auditing (UK and Ireland), and
· The Companies Act 2006.
