2020 and 2021 saw the rise of cryptocurrencies as Bitcoin and Ethereum caught the world’s attention and became mainstream. The decentralised finance (DeFi) sector rose 8700% in the last 12 months with the total value locked (TVL) in DeFi protocols rising from $970m to $87 billion. Despite the recent fallback in the market, venture capital continues to pour into the startups in the sector that the world-renowned Wharton Business School reported can “transform global finance”.

One such company that is aiming to disrupt the traditional banking industry is Scallop – ‘the world’s first DeFi powered neo-bank’. Scallop combines traditional banking accounts with DeFi capabilities in a one-stop solution that bridges the two worlds together.

A Brief Introduction to Scallop

Scallop has established a robust platform that integrates decentralised finance into banking accounts, without losing day-to-day utility. It is an FCA-regulated bank that offers ten DeFi powered banking products which make day-to-day lives easier.

What separates Scallop from other neobanks and DeFi platforms is its feature – Scallop Pay – that directly allows users to make payments using cryptocurrencies. It eliminates the tedious and costly process of converting digital assets to fiat currencies and brings cryptocurrency further into the mainstream.

Scallop provides an on/off ramp for seamless exchange between crypto to fiat currencies and vice versa using the Scallop Exchange. The company also offers virtual or physical cards that work like debit/credit cards, which provide traditional banking services using cryptocurrencies, such as receiving salaries, setting up direct debits and sending or receiving international money transfers.

Scallop’s token, $SCLP, will empower its entire banking ecosystem and it will soon go live on the Ethereum network.

$SCLP – the token of the future!

$SCLP is an ERC 20 utility token which is the primary medium of transaction in the Scallop ecosystem. The token is built on the Ethereum network to leverage its scalability, helping to expand the DeFi functionality of Scallop.

It can be used to pay fees such as exchange and transaction, institutional management, bank transfer, top-up account, and wallet fees. $SCLP is also used for receiving rewards and trading bonuses.

Users will be able to benefit from institutional offers and discounts by networks by making payments with the $SCLP coin. Scallop also offers a 1% discount on travel offers if users use the token for foreign transactions.

Reward Structure

$SCLP is the universal token in the Scallop ecosystem, which will be used for rewards and payments. The platform has incentivised the use of tokens by offering several rewards such as “Crypto Back”, Institutional Offers, Travel Offers, and Business Rewards.

$SCLP empowers the world’s first neobank by acting as the primary transaction method for all its services. It will have applications in all ten “X” products offered by Scallop – Scallop Earn, Scallop NFT, Scallop Banking Accounts, Scallop Cards, Scallop Pay, Scallop Multi-Currency Wallets, Scallop Money Transfer, Scallop Exchange, Scallop Cold Wallet, and Scallop Chain.

Scallop has changed the way people interact with Fintech and DeFi, with $SCLP at the forefront. It offers a high level of security, complete transparency, and unparalleled rewards with all the traditional banking services. Scallop is a timely solution in a world that is shifting towards digital payments. The SCLP token is expected to launch prior to the Scallop platform, which is scheduled for September 2021, according to the company’s roadmap.