Last Updated on February 22, 2023 by Bitfinsider

If you have been following Bitfinsider, you would have heard of the Scallop cryptocurrency exchange. We hope you have already registered as a user and have been trading actively on the platform. If not, you can still do so with our guide here.

Today, we would like to share more about Scallop and their commitment to their clients, communities and to you. 

Scallop’s goal is to make the world of cryptocurrencies easier to understand. They have created a platform to assist both traders and investors in learning everything that is needed to get started, and to gain a thorough understanding of the industry.

In an effort to enable regular people to comprehend and take part in the exciting world of crypto, Scallop will start with the fundamentals. In order to achieve the goal of bringing cryptocurrencies into everyday life, Scallop believes in first educating the general public about all of its benefits.

What is Scallop and the Scallop Chain?

Scallop is a cutting-edge new blockchain-powered platform that offers standard bank accounts with direct access to the Defi ecosystem. This enables customers to easily enter the world of Defi while still offering daily use as a fiat banking account with some excellent benefits. With none of the complexity, Scallop offers all the features of the Defi universe.

One of these features include Scallop Earn, in which you are able to earn the highest rates possible from Defi protocols (such as Compound and Aave) while retaining all of their utility and none of their complexity. As you explore, you will find that there are many other amazing Defi innovations that Scallop has integrated into their services.

On top of that, Scallop also offers the following bank services, in which there are currently no other projects offering all of this in one place:

1. Accounts – Open GBP and IBAN accounts for daily use, for both personal and business users
2. Cards – Virtual and physical spending cards, on the Visa payment network
3. Multi-currency Wallet – Store, spend and send 15+ international currencies
4. Transfer – Send & Receive money in all major currencies, to anyone, anywhere.

In comparison to its rivals, Scallop occupies a unique position by offering a seamless and straightforward solution that enables consumers to take advantage of the advancements of the digital money ecosystem without the hassles. Scallop is the first ever company to offer this service, which enables customers to instantaneously convert their cryptocurrency through their Scallop bank accounts and then utilize the converted money in both offline and online marketplaces. This is a novel service that no other suppliers of banking services currently offer and a first in the world.

Besides Scallop, there is also the Scallop Chain, which is Scallop’s very own blockchain.

Scallop Chain is the world’s first regulated blockchain featuring the unique capability of powering cross-chain financial applications to establish a better DeFi future. Designed with simplicity, speed, and developer ergonomics in mind, Scallop Chain is a blockchain with a full single-binary distribution. It is capable of supporting smart contracts built using WASM (WebAssembly) and EVM (Ethereum Virtual Machine). Essentially, the Scallop Chain will be at the core of the Scallop ecosystem.

The purpose of Scallop Chain is to provide regulated blockchain services to shield users from fraud and scams, to enable consumers to smoothly spend cryptocurrency and promote widespread adoption and lastly, to provide a seamless fiat to crypto experience and vice versa as he fiat on-ramping available is not an efficient experience. 

What is SCLP Token?

The SCLP token, a utility token based on the Ethereum (ETH) network, will power Scallop. Because of ETH’s capability to interface with the extensive Defi ecosystem, it was selected for that reason.

There are many uses for the SCLP Token, such as:

1. To pay Exchange/transaction fee
2. To pay Monthly management fee
3. To pay Institutional management fee
4. To pay Bank transfer fee
5. To pay Loading & Unloading Fee
6. ATM fee
7. To pay Token hosting fees

In addition to the above, Scallop also offers a unique reward structure for users and therefore, the Scallop Token (SCLP) is to be used as a universal reward token for several programs. These programs range from sign up bonus to referral bonus to deposit incentives, and many more. Therefore, be sure to keep up with Scallop news and events.

The price of SCLP is $0.3157 at the time of writing. Its price has increased by 6.84% over the past 24 hours.

If you wish to get your hands on some of the SCLP token now, you can refer to our registration guide here (if you have not created an account) and purchase the token here.