If you are a regular in the crypto space, you carry out transactions using crypto, then you must have come across one common problem that most people like you face. I am sure you are thinking about it right now and you are definitely right! You simply cannot carry out all your transactions on one platform, at least not when it comes to the switch between crypto and fiat currencies. There is a disconnect that hinders the smooth flow of transactions when it comes to changing your crypto assets to fiat currencies.
It is often the case that you have to jump from one platform to the other, while dodging ridiculous fees, to get the desired result. This already puts you at a disadvantage because this whole process erodes your financial resources and you are left with less than what you started with. This is beginning to sound like a sad tale so I’ll just skip to the good news. There is a solution! You no longer have to pass through an arduous process to change your cryptocurrency to fiat, Scallop has you covered.
Scallop is a regulated fintech banking ecosystem for users looking for a quick and efficient way to manage their crypto and fiat in one place. Their overriding mission is to increase the awareness of digital assets and bridge the gap between decentralized and traditional finance. They also happen to be the world’s first regulated blockchain, capable of supporting cross-chain financial applications in order to build a better DeFi future. Their blockchain-based fintech solution allows users to enter the world of cryptocurrency safely and securely. Scallop manages to take full advantage of both systems while limiting the impediments associated with traditional finance by operating in both the crypto and fiat spaces at the same time.
This cross between traditional finance and DeFi might seem like a daunting task but Scallop handles that easily with the Scallop Chain. Scallop Chain is the underlying blockchain infrastructure of the Scallop platform. Developer convenience, speed, security, and simplicity are prioritized in the single-binary blockchain distribution. The chain is based on the Cosmos ecosystem and is also EVM compatible. Scallop Chain is intended for proof-of-stake applications requiring public approval. Scallop’s foundation is intended to connect traditional banks to cross-chain DeFi applications. Scallop also intends to allow institutional partners to work directly with the company to develop secure custody services, interest-bearing savings accounts, debit cards, and a smooth transition from the fiat to the crypto ecosystem.
Scallop, on the other hand, has reached a significant milestone. The platform recently announced the creation of a waiting list for its Mobile Banking App and Exchange platform. According to company data, over 100,000 people signed up for the service less than a month after it launched. Based on the waitlist’s success, Scallop is optimistic about defying current market sentiments and strengthening its community with a simple yet innovative solution. Scallop’s products are regulated in order to avoid market hiccups and protect investors’ capital.
The future of DeFi is within our grasp and Scallop is charting a path to one where life is easier and more accessible than ever!