Scallop is an innovative fintech decentralized ecosystem created to give users a faster and more efficient way to securely manage crypto and fiat currencies in one place.
Scallop is a robust platform that combines decentralized financial services with banking resources such as bank accounts, cards, remittances and more – to promote the general use of cryptocurrencies in everyday life. Scallop's mission is to bring digital assets into general use and accelerate the transition to a more equitable, decentralized ecosystem.
In this article, we will discuss:
What is Scallop (SCLP)?
Scallop is a new banking service provider that aims to simplify the way individuals and businesses manage their cryptocurrencies and fiat currencies through a variety of new products and services. The platform is designed to dissolve the boundaries between the worlds of traditional and decentralized finance through a powerful combo fiat/crypto account that is complemented by a variety of banking products (more on that later).
The platform's overall goal is to make cryptocurrency as accessible as regular currency, allowing users to access the rapidly expanding DeFi landscape as easily as they use their current online banking solution. A team of over forty people is behind the platform and includes a variety of financial and technology professionals.
Solution development is led by co-founders Raj Bagadi (CEO) and Mindy Bejawn (COO). The platform has a native utility token known as a Scallop Token (SCLP) which is primarily used to unlock certain perks and rewards. For example, users will need to stake SCLP tokens to open a Scallop account and unlock benefits like up to 1% cryptocurrency back on in-store purchases, deposit bonuses, and fee discounts. The token can also be used to pay transaction fees, exchange fees and monthly management fees.
How does Scallop (SCLP) work?
Scallop provides a simple and easy-to-use app that can be used to access both traditional and cryptocurrency accounts in one place. It consists of an ecosystem of products designed to make cryptocurrencies more accessible, functional and rewarding. The Scallop ecosystem will initially consist of ten products, each of which is briefly summarized below:
- Scallop Earn: Use cryptocurrencies or fiat currencies to earn an income using popular DeFi protocols such as Composite and Aave.
- Scallop NFT : An integrated NFT marketplace that allows users to buy NFTs with fiat
- The Scallop Token (SCLP): An ERC-20 token used to access various products, features and rewards.
- Scallop Chain: One blockchain native used to host the Scallop suite of products and eventually the SCLP token.
- Scallop Bank Accounts: GBP and IBAN accounts with built-in classification codes, account numbers and DeFi features.
- Scallop Cards: Virtual and physical debit cards linked to fiat/crypto accounts.
- Scallop Exchange: Supports fiat to cryptocurrency conversions (and vice versa) and direct integration with Uniswap.
- Scallop Hardware Wallet: A proprietary hardware wallet protected by an EAL 6+ certified secure element.
- Scallop Payments: fiat and crypto payments with support for dozens of major fiat and cryptocurrencies.
- Scallop Pay: Easily pay for goods using cryptocurrency via the Scallop app.
As you can probably see from the product lineup, Scallop is largely focused on improving the accessibility, security and usefulness of cryptocurrencies – while still providing full support for a wide variety of fiat currencies. With this, Scallop hopes to make using and spending cryptocurrencies as common as fiat.
Scallop will initially be built on the Ethereum blockchain, but will eventually migrate to a custom Scallop Chain that will support fast transaction confirmations, low fees, and support for powerful DeFi applications (DApps). The Scallop Chain will be open to anyone who wants to develop in it, helping to expand the Scallop network quickly. The platform will initially offer two membership levels (Basic and Elite), which come with a number of different perks.
Regulation
Scallop has received the prestigious MSB license from FINTRAC to conduct banking operations in Canada. This license allows Scallop to operate a robust DeFi banking ecosystem in a key North American region, offering these users and institutional partners a range of Crypto & Regulated Banking services.
Scallop is the trade name of Scallop Group Ltd is a company registered in England and Wales. With company number 12764221. Scallop UK accounts and debit cards are provided by Modulr Finance Ltd, which are authorized and regulated by the Financial Conduct Authority (FRN: 900699).
EU accounts and debit cards are provided by Modulr FS Europe Limited which are authorized and regulated by the Central Bank of Ireland (REF: C191242). It follows the scallop Financial Reporting Standards and Statements of Standard Accounting Practices issued by the Accounting Standards Council. These industry-issued Best Practice Statements are recognized by the Accounting Standards Boards, for example: International Accounting Standards issued by the IASB; International Standards on Auditing (UK and Ireland); and the Companies Act 2006.
Scallop Chain
The Scallop Chain is the world's first regulated blockchain built on the Cosmos framework in Tendermint system.
- Regulated portfolios
- Regulated Tokens
- Proof of regulated participation
- Regulated Substations
- Regulated DEX Wallets
- Regulated DeFi Wallets
- CBDC Regulated Exchange
Credit note
As part of someone's "decentralized identity", a part of a person's online identity activity would then be "on-chain", meaning that it would be public and easily searchable through their individual crypto wallet. In Scallop Chain each Wallet is regulated so that all wallets of a user can be combined. In-chain data can be used to gauge engagement or interest in creators or brands.
A music artist, for example, could easily identify their top fans based on platform-agnostic, on-chain interactions, and rewards with exclusive access or other perks. In the financial realm, decentralized identity could enable a credit score on the Internet, which can take loan applications, carry out tenant checks, establish credit, and more.
- user identity
- Online reputation management
- Personalized User Experience
- credit score
- customer loyalty
Application
Risk needs to be managed for a wallet, where a fundamental concept of a credit score is needed to enable safe and secure Defi use cases. Web2 showed the revolution that custom application behavior can achieve, eg E-commerce applications recommend different home pages based on their previous usage. A similar concept can be brought to web3 as adoption increases. Given that the community plays an important role on Web3, it is important to choose the right wallets to be in the community (through symbolic discounted prices).
Scallop Exchange
Unique features:
- Scallop Payment: Pay for goods and services at your favorite merchants using crypt
- Future NFTs: Scallop is the futures exchange that allows users to trade NFT floor prices like a futures contract.
- Deep liquidity: The Scallop Exchange adds liquidity from the top 5 cryptocurrency exchanges (eg Binance, Huobi, Okex etc…) so that users who trade on the Scallop Exchange always get the best price.
- Margin & Futures: Scallop exchange allows users to trade derivatives which allow users to borrow money and also trade futures and options
- High leverage: The Scallop Exchange offers up to 5x leverage on margin accounts and up to 100x leverage on futures and options
- Insured: Every deposit made inside the scallop bag is insured by a 3rd party guardian if any hack or loss of funds
- Integration of SCLP tokens: The exchange is tightly integrated with SCLP where all trading fees can be paid using SCLP tokens and is collected to buy back and burn the SCLP token.
- Security exchange: Regulated: Licensed centralized exchange for digital assets such as Equities, REIT & NFT futures.
Fees and charges
Scallop app fee
- Basic User: 1,5% swap feet
- Elite User: 1% exchange fee after wagering 10k SCLP tokenst
- Charge: 10p charge on each transaction after 30 transactions for basic user
- Top-up charges: 2% top-up charges when debit/credit card is used
exchange fee
- Manufacturer fee: 0,1%t
- Knight charges : 0.01_
- Daily Vol > 100K : 0.09_
- Daily Trading Vol > 1M : 0.05_
- Daily Trading Vol > 5M : 0.03_
- Cataloging fees: 20k – 30k
SCLP Token
Outstanding supply is not available and the maximum supply is 100.000.000 SCLP tokens. The Scallop Token (SCLP) is a utility token based on the Binance Smart Chain (BSC) Network. BSC was chosen because of its expansive scope of Defi functionality. Scallop Token (SCLP) will work natively on BSC with BEP 20.
Some SCLP token use cases are presented below:
- To pay the exchange/transaction fee
- To pay the monthly administration fee
- To pay the institutional management fee
- To pay the bank transfer fee
- To pay Fe of Loading and Unloading
- ATM fee
- To pay Token hosting fees
reward structure
Scallop offers a reward program to Scallop Account holders. The Scallop Token (SCLP) is to be used as a universal reward symbol for the following Scallop reward programs:
- Crypto Back – from 0,5% to 1% on every in-store purchase paid in SCLU
- Institutional offers – discount per institution/marketing network, paid in SCLÚ Travel offers – up to 1% for eligible foreign transactions paid in SCLÚ
- Business Rewards – Commercial incentives for the use of ARTH Stable Coins, paid in SCLU
- Deposit Incentive – 5% Reward on SCLP Token
- Referral Bonus – 20 SCLP tokens when your friend signs up for scallop api
- Sign up bonus -10 SCLP chips when you sign up for the Scallop app
Where to buy SCLP token?
SCLP cryptocurrency can be traded on the following exchanges:
- MEXC
- KuCoin
- Gate.io
Scallop Price Forecast (SCLP)
Scallop price is predicted to reach a maximum level of $0.639 throughout 2022. As early as 2023 according to our crypto price prediction index, Scallop (SCLP) may reach a maximum level of $1.229, with the average price of $0.914 trade. In 2025 according to our crypto price prediction index, SCLP is expected to cross an average price level of $1.482.
The minimum expected value of the Scallop price at the end of the current year should be $1.368. Furthermore, SCLP can reach a maximum price level of $1.510. The Scallop price is predicted to reach the lowest possible level of $1.311 in 2030. According to our crypto price prediction index, the SCLP price could reach a maximum possible level of $2.418, with the predicted average price of $1.822 .
Conclusion
Scallop is on a mission to empower its users with a variety of tools for mainstream cryptocurrency adoption. It aims to accelerate the transition to a more equitable and decentralized financial system. By bridging the gap between DeFi and traditional banking systems, Scallop empowers the user to switch between encryption and DeFi anytime, anywhere, without complexities. It provides a timely solution to the current friction that users deal with when moving between fiat and cryptocurrency.
The Scallop app will prepare people for a future where cryptocurrencies are an accepted part of everyday life. The simple fact is that no other Crypto bank or project offers the Scallop range of integrated products. Simple, secure and progressive, our platform aims to provide many opportunities to help Cryptocurrency users realize the potential of the digital space and bring cryptocurrency Transactions into the real world.
