What is Scallop? All You Need to Know About SCLP

Introduction

Over the past decade, the crypto space has undergone significant development in adoption, transitioning from uncharted territory to a more household name. Cryptocurrency has garnered high interest from both technical and non-technical individuals, fueled by the growth of major players like Bitcoin, Ethereum, and Solana. This surge has given rise to numerous cryptocurrencies, totaling 23,000 and counting, creating a diverse market pool.

The increasing supply in the market necessitates more education on trading and interacting with these cryptocurrencies. Despite the growing crypto ecosystem, there is still a need for widespread education about the technicalities involved, as trading and digital transactions require a level of crypto shrewdness.

Decentralized finance (DeFi) aims to eliminate the need for middlemen, providing users with complete autonomy over their assets and transactions. However, despite the potential benefits, many individuals are hesitant to explore this space due to the lack of integration between traditional banking and cryptocurrency wallets/exchanges, stemming from regulatory issues in various countries.

The closest solution to this integration challenge is Peer-to-peer trading (P2P), where transactions occur strictly between two parties—the buyer and the seller. However, P2P trading has faced setbacks in terms of trust. Addressing these challenges, Scallop emerges as a one-stop shop where individuals can seamlessly trade fiat and crypto without relying on P2P or intermediaries, presenting a potential solution to the integration dilemma.

What is Scallop?

Source: Scallop

Scallop is an easy-to-use decentralized neobank built on the blockchain that bridges the gap between traditional banking and cryptocurrencies, enabling users to transact seamlessly between fiat and digital currency without needing a P2P service or an intermediary.

Scallop allows users to directly buy and sell cryptocurrency from their bank account into their digital wallet, providing an interface for both the fiat payment system and the cryptocurrency method. This innovation creates a pathway to onboard more people into the cryptocurrency ecosystem by making crypto assets easily accessible to the common user, thereby fostering the widespread adoption of decentralized finance and blockchain technology.

With this approach, the complex concepts associated with trading cryptocurrencies for novices are dismantled, enabling more individuals to become crypto-savvy.

Brief History of the Founder

Source: Scallop

Raj Bagadi, CEO of Scallop, is a graduate of the University of Oxford with postgraduate degrees in Business Development and Management, as well as in Economic Development. With over ten years of experience in the banking and fintech industry, Raj is also an expert in financial regulation and anti-money laundering.

Before founding Scallop, he was a Director at KB Tech Consultants, providing financial advice and technical solutions to various cryptocurrency and blockchain projects.

Features of Scallop

Source: Scallop

Scallop Card

Source: Scallop

The Scallop Card, an integral part of the Scallop Exchange, offers a seamless and efficient solution for managing fiat and cryptocurrency in a unified platform. This card provides a secure and convenient way to conduct everyday transactions by combining the benefits of blockchain security with the ease of using a debit or credit card, like Google Pay and Apple Pay, as payment options. Holders of this card can also enjoy the convenience of quick transfers without manual conversion between fiat and cryptocurrency.

Implementation of Multi-Currency Fiat Wallet

Source: Scallop

Scallop offers a wide range of different fiat currencies on the platform. The multi-currency fiat wallet lets users spend their CAD and other currencies on the platform. This fiat wallet allows users to buy any cryptocurrency on the platform into their crypto wallet using any available fiat currency.

Scallop Exchange

Scallop Exchange is the pivotal element within the Scallop platform’s payment system, streamlining the conversion process between cryptocurrency/DeFi tokens and fiat currencies. This feature enables users to seamlessly buy, sell, and trade cryptocurrencies directly from their Scallop banking account to any wallet connected to their Scallop account, giving users complete autonomy over their accounts.

Scallop On-ramp and Off-ramp

Source: Scallop

In cryptocurrency, “on-ramp” and “off-ramp” are crucial concepts that refer to the processes of converting between fiat currency (traditional money) and digital assets (cryptocurrencies). An off-ramp facilitates the conversion of cryptocurrencies into fiat currency, allowing users to withdraw funds from their digital wallets into their bank accounts. Conversely, an on-ramp enables users to convert fiat currency into cryptocurrencies, enabling them to purchase digital assets.

Scallop Ramp, a feature of the Scallop platform, addresses the need for seamless on- and off-ramps in the cryptocurrency ecosystem. It bridges traditional fiat currencies and cryptocurrencies, providing users with a convenient and accessible means to enter or exit the crypto market.

With Scallop Ramp, users can effortlessly purchase cryptocurrencies using their local fiat currency, simplifying acquiring digital assets. This feature is particularly beneficial for new and experienced users who may find the traditional methods of buying and selling cryptocurrencies complex or intimidating. By offering direct on- and off-ramp capabilities, Scallop Ramp enhances accessibility and convenience for users, ensuring a smooth transition between fiat and digital currencies.

Currently, Scallop Ramp supports transactions in EUR, further expanding its utility for users in Europe and beyond. Whether users want to enter the crypto market for the first time or streamline their trading activities, Scallop Ramp provides a user-friendly solution that facilitates seamless transactions between fiat and cryptocurrencies.

Automated Powered Banking System

With this feature, Scallop will allow its users to spend DeFi tokens on the platform without manually withdrawing them from exchanges. Using Scallop technology, transactions can be done automatically. This allows traditional fiat banking users to perform queued transactions such as salary payments and automated transfers.

How Does Scallop Work?

Scallop follows the principles of neobanking, operating as a digital-only bank without physical branches. It leverages blockchain technology to create a decentralized environment, enabling users to buy and sell crypto directly from their bank accounts using fiat money.

Many financial services face the challenge of not offering on-ramp/off-ramp services for fiat money and cryptocurrency. While some platforms allow you to buy cryptocurrency, you can only sell it back to the platform to receive fiat. There’s no option for a crypto wallet to perform other transactions, such as selling on exchanges or sending to different accounts.

Scallop aims to solve this problem by providing a platform that gives users full data autonomy through its secured data wallet. Unlike other platforms with closed wallet systems, Scallop enables users to transact between fiat money and crypto easily, send to exchanges, and transfer to other wallet addresses.

Notably, Scallop introduces the innovative feature of enabling users to pay for services such as Netflix subscriptions with cryptocurrency, broadening the scope of crypto utility.

Scallop offers a novel approach for users to manage and monitor both their crypto tokens and fiat money under one umbrella, eliminating the need for different wallets and bank accounts for financial transactions between these two entities. It bridges decentralized finance and traditional banking, attracting traditional banking users to the crypto space with its services.

Benefits of Scallop Exchange

Source: Cryptoblog001

Seamless Integration with Other Financial Services

Scallop Exchange’s easy integration with other group businesses in banking, earning, and payments streamlines the user experience. Users can buy and sell cryptocurrency directly from their Scallop banking accounts without switching between applications. Users will be able to easily and quickly exchange cryptocurrency tokens for fiat and also swap tokens for fiat, all within the Scallop decentralized application.

Premium Service and Unified Management

Scallop Exchange is not just a cryptocurrency platform; it is a structured fintech banking ecosystem. Ideal for those seeking premium service, Scallop provides an easy way to manage fiat and cryptocurrency in one location. This unified approach simplifies financial management for users.

Foreign Transfer Services

Making transfers to foreign accounts can be relatively hectic and expensive, ranging from high transaction fees to low response times. Scallop neutralizes these problems. With Scallop, foreign payments and transactions are made quicker, faster, and more secure while maintaining excellent service quality.

Low Trading Fees and Massive Liquidity

Scallop Exchange offers remarkably low trading fees, addressing a common challenge in cryptocurrency exchanges. The platform also boasts massive liquidity, making it easier for users to enter and exit positions without significant slippage.

Security and Regulation

Scallop Exchange is a secure cryptocurrency trading platform with guaranteed sturdiness, transparency, and high-level security. It operates within a regulated ecosystem, holding more than seven banking and financial licenses in Canada, Estonia, and the United Kingdom.

What is SCLP Token?

Scallop Token (SCLP) is the utility and governance token of the Scallop ecosystem built on the BNB Smart Chain (BSC) network. It can be used on the platform to pay for transaction costs, access products, vote, pay institutional management fees, and access rewards.

With the contributions and support of several investors such as Magnus Capital, BlackEdge Capital, Bitcoin.com, MahaDao, and KuCoin Labs, the team’s seed funding phase was a success, bringing them many steps closer to building a decentralized, one-stop shop for both cryptocurrency and fiat money.

Tokenomics

Source: Scallop

Scallop has a total supply of 100 million SCLP tokens. The team made only 8,450,000 SCLP utility tokens available in 2021, the launch year, while the remaining tokens were vested for the next three years, to be disbursed yearly.

The team outlined the token distribution as follows: 23.5% (23,500,000 SCLP) for fundraising, which includes 5% for seed funding, 7.5% for Private sale 1, 10% for Private sale 2, and 1% for public sale. Meanwhile, we have 76.5% (76,500,000 SCLP) for Other Activities. This was further distributed as 25% for staking, 20% for the team, 10% for the community, 7.5% for the liquidity pool, 8% for marketing, and 6% for Advisors.

Additionally, the Scallop (SCLP) token is used to access certain benefits and rewards within the Scallop ecosystem. The token is currently being traded on several cryptocurrency exchanges. Notable among them is Gate.io with the trading pairs: SCLP/USDT and SCLP/ETH.

How to Own SCLP

You can buy SCLP from a centralized cryptocurrency exchange. For example, Gate.io offers traders the following trading pairs: SCLP/USDT and SCLP/ETH. To own the token, create a Gate.io account, and complete the registration process. Also, you need to fund your spot trading account and go through the steps to buy SCLP.

Is Scallop (SCLP) a Good Investment?

The Scallop team provides a novel solution for individuals or entities that want to have their fiat money and cryptocurrency under one roof, creating space for mass adoption among people of different technical backgrounds.

With a strong community, the SCLP token might seem like a good investment, as people are constantly looking for ways to bridge between fiat and cryptocurrency seamlessly without undermining regulatory guidelines. This would benefit the token, as you need the SCLP token to participate on the platform.

Nevertheless, it is essential to note that investing in any cryptocurrency carries certain risks due to the volatility of the market and unpredictable regulatory rules. Therefore, you should do your own research (DYOR) and also seek financial expert advice.

Partnerships

Source: Scallop

Additionally, the Scallop team has partnerships with crypto giants like Ceffu, Pendulum, and UnoRe, furthering its mission of financial inclusion in all sectors.

Highlights

Scallop Launch for Non-EU Users

In a Medium post on January 2, 2024, the Scallop team announced that the Scallop App would soon be available for non-EU users, urging the audience to grab a spot on their waitlist. This would allow them to access the platform and start trading their cryptocurrencies and fiat money effortlessly.

Scallop (SCLP) Listing with Gate.io

Since its launch, the project has experienced significant development, gaining adoption in multiple countries and securing major collaboration deals with other industry powerhouses. On the 28th of October 2021, Gate.io announced via a blog post that the Scallop (SCLP) token would be listed on the crypto exchange, empowering users to trade SCLP on the platform.

Take Action on Scallop

Check out SCLP price today and start trading your favorite currency pairs:

• SCLP/USDT
• SCLP/ETH