The financial banking system’s downturn has made many realize the thriving tenacity of cryptocurrencies. For instance, traditional blockchains like BTC, ETH, and others recorded a new ATH despite the shrunken economy worldwide during the COVID-19 lockdown.
All these realizations lead to the Scallop organization developing its crypto-friendly banking solution. Scallop’s crypto-friendly banking solution aims at perfectly merging cryptocurrencies and fiat into a single network using the concept of Decentralized finance.
The project was developed to attract more users, ultimately leading to the mass adoption of DeFi/blockchain technology.
With the Scallop platform, the world of crypto and fiat banking becomes one, combined with the requirements for operating that kind of system. Scallop crypto-friendly banking solution is the ultimate solution that bridges both cryptocurrency technology and banking operations.
Furthermore, the solution allows users to easily transact (buying and selling crypto) with their bank account. It also merges Defi with their everyday banking needs. Scallop’s concept of “Banking-as-a-Service provider” was designed to help users manage and utilize both cryptocurrencies and fiat via a variety of unique products and services.
Scallop’s development is bound to bridge the restrictions between traditional banking and DeFi, thanks to the powerful merged Fiat/Crypto account. Moreover, the account is supplemented with a series of banking products.
Scallop’s platform will not only make cryptocurrency more accessible but also allow users to keep up with the rapidly expanding Defi environment thus providing an experience like our current online banking solution.
About forty financial and technology professionals make up the team behind the Scallop project. However, it is headed by Co-founders Raj Bagadi (CEO) and Mindy Bejawn (COO). Not only is CEO Raj Bagadi a banking and fintech professional with 10 years of experience, but he’s also an anti-money laundering expert. Therefore, his in-depth knowledge of the industry makes it easier for him to disrupt it.
Meanwhile, COO Mindy Bejawn has 40 years of experience in development engineering plus a PGC certificate from Oxford. Lastly, Pawan has about 25 years of experience in the tech development and management space.
Scallop platform is powered by its native coin “Scallop Token”. Users in possession of Scallop coin (SCLP) get to enjoy certain perks and rewards. Opening an account with Scallop requires users to stake SCLP tokens and at the same time, this gives them the benefits of 1% crypto back on transactions.
Furthermore, SCLP coin can be used to pay for transaction fees, exchange fees, and monthly management fees. Scallop intends to develop both an ERC-20 and BEP-20 token, which will be fundamental within the Scallop ecosystem. Additionally, native use cases like receiving trading bonus payments, staking will be included in the ecosystem
Essential key features of Scallop includes:
With the Scallop card, users can pay for their desired goods or services online or in-store with digital assets like ETH, BTC, and SCLP.
The exchange supports fiat to crypto or crypto to fiat conversions and direct integration with Uniswap.
The team also developed an exclusive hardware wallet backed up with an EAL 6+ certified secure system.
This feature allows the use of crypto or fiat to earn with popular DeFi protocols like compound and Aave.
Scallop’s in-built NFT marketplace allows users to purchase NFTs with fiat.
This is a payment gateway for businesses to set up on/off from crypto to fiat and vice versa that also supports functions to receive payments from customers.
The development of the Scallop chain is aimed at overlaying the whole Scallop-banking ecosystem as a regulated blockchain. Thus, Scallop chain has the potential to power cross-chain financial transactions and utility. Its unique design provides institutional partners with the ability to design and deploy secure interest-bearing savings accounts, custody services, a fiat on-ramp to cryptocurrencies, and debit cards.
The organization aims to first build Scallop on the Ethereum ecosystem, then migrate to the custom-built Scallop Chain. Some of Scallop’s chain potential development includes instant transaction confirmations, low transaction fees, and support for DApps.
Of course, developers and non-developers are highly welcome to build and work on the Scallop network together, because this helps the Scallop blockchain to grow quickly. Initially, users will be offered two membership tiers (Basic and Elite) to pick from. Each tier comes with different benefits.
Scallop protocol is working relentlessly to give its users the best-unrestrained blockchain. First of all, It has already been authorized by the Estonian Regulator to provide virtual currency and exchange services. Further plans include establishing accounts in the UK and Europe by November 2021.
What is more, part of the Scallop Roadmap states that Scallop is expected to roll out its Scallop Pay and NFT features by November 2021 while the Scallop chain is scheduled to launch in the first quarter of 2022.
Wondering where to buy SCLP? However, you don’t need to worry, Swapzone is the best SCLP exchange platform in the crypto market today. To conduct a Scallop exchange on Swapzone:
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.