SCALLOP'S BANKING SUITE
The pique of interest in Scallop keeps rising every day in the crypto space and the Scallop team is working tirelessly on churning out detailed information on their payment platform which will support exchange services, different currency transfers, as well as multiple-currency accounts. The concept of it all remains mind-blowing and, in this article, I’m going to break down the facets of Scallop’s Banking Suite and answer questions you may have as a potential user. There’s a ton of insight to glean on Scallop’s account management, card and remittance, and finally, money transfers. So, don’t go anywhere just yet.
For new readers, Scallop is a neo-bank powered by DeFi that leverages blockchain at its peak to provide a safe solution to the hassle of transacting between standard financial systems and decentralized finance.
What are Scallop accounts? These are traditional accounts that can be used for daily transactions like sending money to other accounts, receiving payment of salaries, direct debits, etc. An additional perk when you get started is that you can make transactions and trade with cryptocurrencies using a cryptocurrency wallet. Don’t get me started on the sweet, sizzling interactions with DeFi protocols.
When you get on board, you can decide to create either a business account or a personal account by using a cryptocurrency without any credit checks. An IBAN/GBP account can also be opened within minutes if you have instant KYC.
Types of Membership provided by Scallop
Scallop will be offering two types of accounts for it’s you and these are:
- A Basic account.
- An Elite account.
Both accounts will offer similar benefits such as free banking, a virtual debit card (which allows you to spend both fiat and digital currencies in the real world), transactional accounts, and a cryptocurrency wallet. Scallop also has an option for offering access to a premium account for users who require a more discerning service and enhanced operation. To qualify for Elite/Premium membership in Scallop, a user must get 30 days membership by staking $5,000 worth of Scallop token (SCLP), for at least 45 days.
Another amazing feature of Scallop in addition to the traditional banking services it offers (salary payment, automated and direct transfers, etc.) is that it offers incredible DeFi products. This product is available to both a Basic account user and an Elite account user. Users also get to spend DeFi tokens without having to make manual withdrawals, from exchange or protocols.
All they need to do is to choose the type of token they wish to pay or exchange with and Scallop’s innovative backend DeFi technology will automatically do the rest. By this, I mean complete the transaction. All users can also make use of the ‘Scallop Earn’ feature which enables them to deposit tokens converted from fiat currencies into leading DeFi protocols like dYdX, Aave, and Compound. Storage, buying, and selling of NFTs can also be done on Scallop’s very own NFT marketplace.
Remittance and Money Transfers Service on Scallop
As at writing, making transfers on an international level involving multiple parties can be quite pricey. Scallop intends to troubleshoot this by making money transfers from region to region safer, faster, and pocket-friendly with zero loss in the quality of service provided. This means that Scallop users can conveniently transfer money in any currency they want to, using Scallop’s transfer services.
Regardless of the transaction volume, users can be assured of simplicity, low block time, and security in every transaction carried out on Scallop. Personal users can execute fiat and crypto transactions by scanning a QR code. Also, business users can receive any kind of payment in fiat or crypto by using a QR code.
DeFi-sponsored Scallop cards
Scallop cards will let you enjoy the convenience of a credit or debit card for everyday transactions, with maximum security on the blockchain. The most intriguing part for me about Scallop cards is the way they are built to enable private, secure transactions.
Merchants and users can thus, scale problems that naturally follow accepting crypto payments in typical transactions. How is this done? Through reliable framework.
Here are some other great benefits of having a DeFi powered Scallop card.
- Integration with other local payment channels like NEFT, SEPA, ACH, Wire, SWIFT, and so many others. A Scallop banking account is the compatible transfer of traditional currencies.
- Scallop supports transactions and trading with digital currencies such as Bitcoin, Tether, Ethereum, ARTH, SCLP, and Litecoin.
- Scallop banking account also works well with networks like Faster Payments, SWIFT, and Instant SEPA for swift fund transfers.
- Scallop cards enable spending of taked DeFi tokens without any need of unstacking these DeFi tokens, switching them to crypto, and then to fiat to make payments finally.
Scallop has successfully pushed the Defi and crypto space several years forward with their unique solution to transaction hassles between local banks and exchanges in the crypto marketplace. There’s no telling what next this project is going to come up with but the future looks promising already.