Banking services for crypto.
Imagine that.
Calling an 800 number and getting a live agent ready to help you with a crypto transaction.
It sounds pretty great, doesn't it?
Especially considering the millions of users that are used to this customer service in banking
and want to see it in crypto as well.
What if banking and crypto could be all in one place?
Now, that sounds like something the general public can get on board with.
Enter Scallop.
It's more than just for Hibachi.
It's an interface where users can store crypto and fiat in one place,
have all the functionality of DeFi protocols but with more customer service.
Unlike some other centralized platforms,
users maintain full control of their keys
and they can receive DeFi rewards on fiat deposits.
With Scallop's smart new banking system,
fiat and crypto can be exchanged easily through a direct link to Uniswap,
and NFTs will be tradable with crypto and fiat,
GBP and IBAN bank account services for daily use,
with 15 multi-currency fiat wallets that can accumulate interest with Scallop Earn.
Credit cards?
They've got them.
Scallop Visa cards in Titanium metal for Elite members.
All major currencies can be sent and received in one click.
Payments for retail items and services can be made using any token or currency in the user's wallet.
Scallop even has its own blockchain---
Scallop Chain,
a next-generation cross-chain banking platform
that connects traditional banks with cross blockchain applications.
Now, this sounds like the makings of crypto adoption.
And the best part?
All these updates are coming soon.
So stay tuned and find out how you can take full advantage of the upcoming news from Scallop.
Let's get it!
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My name is Ben.
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In this video, we look at Scallop and its native utility token SCLP.
Scallop is a new crypto and fiat banking platform that plans to revolutionize the way we see banking.
With Scallop, users can manage crypto and fiat in a single place,
making it the world's first regulated DeFi banking application.
Scallop is a crypto-friendly banking solution that allows access to DeFi ecosystems
all with an easy-to-use app.
Scallop has already created the backend infrastructure to support seamless fiat and crypto banking transactions,
access to NFTs, links to DeFi protocols and spending services.
Pay attention because these services are going to be available soon.
And this could benefit the price of Scallop's native utility token SCLP.
But, of course, that's not financial advice.
And a big thank you to Scallop as this is a sponsored video.
Recently, Scallop applied for FCA authorization,
which will allow its platform to act as an electronic money institution in the UK.
According to Scallop, wider reliance on fiat currencies can't be underestimated.
That's why Scallop is integrating cryptocurrency with conventional banking.
Currently, over 1.7 billion adults worldwide are unbanked.
According to statistics, there are only a few hundred million people
who trade or hold crypto and other crypto assets.
The rest of the population is used to traditional banking services.
Scallop plans to serve these three demographics---
the unbanked, crypto holders and those that exclusively use fiat banking.
By combining services in this way,
users get the best of both worlds,
seamless fiat banking and user-friendly crypto transactions.
Right now, there are a few problems standing in the way of mass crypto adoption
and easy crypto spending.
The first is that there isn't a seamless interface between fiat and DeFi.
Many banking on DeFi for on routing methods have high fees,
and the interface between fiat and crypto can be clunky.
The second is that we can't easily use crypto for everyday expenses.
I don't know how many of you have bought a coffee with crypto yet,
because that's what everybody wants to buy,
and many are awaiting the day that they can use smartphone crypto payments
to purchase everyday things.
And third, there's currently no platform that allows its users to perform both crypto and fiat operations,
managing fiat banking finances and crypto allocations all in one place.
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Now, how does Scallop plan to solve the issues facing crypto adoption and fiat integration?
By simplifying DeFi and using the same banking technology
that's already used by a broader audience.
Right now, some of the challenges to overcome in bridging the gap between fiat and crypto
are the friction in moving between fiat and decentralized platforms.
It can be tricky.
Converting crypto to fiat and vice versa have layers of fees that add to the cost,
which kind of defeats the purpose.
Right now, vendors can't confidently accept crypto as payment
because the crypto market is too volatile,
especially for merchants who don't understand the volatility.
Scallop aims to deliver a range of products on its platform,
from lending and borrowing services, an NFT marketplace, bank accounts,
credit cards and Scallop Pay.
They also plan to integrate Scallop Chain to enable cross-chain financial applications.
The primary interface is the Scallop App,
which will onramp currency into bank accounts and crypto wallets.
The bank accounts allow Scallop Transfer of fiat currency,
and the crypto wallets will allow Scallop Pay,
powered by Scallop Chain
as well as Scallop Earn.
That's more scallops than I got at my dinner last night.
The bank accounts and crypto wallets can easily transact with one another,
and the API enables interaction with DeFi Projects such as NFTs.
There are two types of Scallop memberships,
Basic and Elite.
Both membership types pay exchange and transaction fees using Scallop tokens.
The Basic membership has a 1.5% exchange fee,
and the Elite is 1%.
Elite members get 500 withdrawals per month and free worldwide travel insurance,
as well as a dedicated customer manager and 24/7 live customer support.
The Scallop token is an ERC-20 utility token that runs on the Ethereum network.
Scallop token's main functionality is to pay banking and crypto fees
such as exchange fees, bank transfer fees and ATM fees.
Up to 1% cryptoback on in-store purchases, travel offers, business rewards and referral bonuses.
Scallop token holders will be able to access exclusive Scallop features
such as discounts on fees, airport lounge access, merchant offers and discounts,
Elite Visa cards and more.
Scallop Business features for holders include enhanced Scallop Business rewards,
making the experience feel more like a traditional banking experience
but with the innovative addition of crypto.
The Scallop token had its initial blockchain offering on the MahaStarter platform in October of this year.
It was listed on October 28th on KuCoin and PancakeSwap.
An IBO is a crowd sale for blockchain-based tokens that will also launch their own chain.
The token's circulating supply is 100 million SCLP.
Right now, it's trading at about $3.
The price of Scallop token has stayed relatively consistent since its launch,
with a brief spike at the beginning of October to about $8.
With all the new utility coming for Scallop,
combined with the relatively low max supply of tokens,
it wouldn't be a stretch to see this token have a price run-up sometime in the near future.
The main driver of price action could be the use of Scallop tokens to pay banking fees
as well as the incentives for new holders.
All this news is coming soon and is being teased on Scallop's official Twitter page.
There's no doubt that this project is set to make some moves.
Scallop Chain is a single-binary smart contract blockchain distribution
that focuses on simplicity and speed,
and it will allow institutional partners such as Chainlink, Cosmos and Binance
to connect directly with Scallop's blockchain.
Scallop's security protocols are a priority for the platform.
Their hardware wallets have EAL6 technology and bank-grade security
for crypto storage and transfers.
Their software wallets store funds in cold wallets,
and they're insured against loss up to $100 million.
Fiat funds are stored in major banks across the UK and Europe.
Scallop token contracts are insured by crypto insurance providers.
The Scallop platform is still in development
with an aggressive roadmap that spans into Q3 of 2022.
Most of the backend work was completed prior to their initial blockchain offering in October
with alpha and beta product development complete
as well as cross-chain swap.
This month, Scallop plans to launch Scallop Pay and NFTs.
This launch of Scallop Chain will occur in Q1 of 2022,
and by Q3, they will introduce cross-chain liquidity and yielding.
Scallop is a unique platform with one major goal---
to provide fiat and crypto banking all in one place.
Noble!
Allowing users to have live support for crypto and fiat transactions
and making sure assets are insured.
Paying for something with a smartphone app that has both your fiat and crypto banking
all in one place.
Scallop is committed to bringing crypto to the general population
with a goal of simplifying DeFi and providing its services to a broader user base.
This is a new step for crypto adoption.
And I'm looking forward to seeing how the Scallop interface and Scallop blockchain
will support crypto enthusiasts in the very near future.
That's all I got.
Thank you again to Scallop.
Be blessed.
BitBoy out.