The Bridge between Fiat and Crypto – Scallop

Bob Coiney

May 25, 2021

Cryptocurrencies have established a popular presence in the traditional financial market, however, crypto users still face difficulty using their digital assets in the real world. Whilst it’s easy to move your crypto between exchanges, De-Fi protocols, and wallets, it’s increasingly tiresome to return your crypto into fiat, ready for use in daily life. No single platform solves this problem, until now. Scallop is the world’s first DeFi powered neobank that bridges the gap between fiat and cryptocurrencies by utilizing blockchain technology. 

Why Scallop?

Scallop is an FCA-approved DeFi banking ecosystem that manages both crypto and fiat assets in a single place efficiently. It is a multi-faceted platform that uses cutting-edge technology equipped with the latest financial innovation to provide its users next-gen crypto solutions. The company aims to provide users the tools for mainstream adoption of cryptocurrencies and DeFi. 

Scallop offers various products, all designed to create a perfect ecosystem to manage fiat and cryptocurrencies in a single place. 

  • Scallop Earn – Collateralized borrowing and lending using fiat and cryptocurrencies.
  • Scallop NFT – Purchase, Sell and Store digital content using its NFT marketplace.
  • Scallop Banking Accounts – EUR/GBP banking account for daily use.
  • Scallop Cards – Physical and virtual debit cards.
  • Scallop Pay – Pay using crypto and DeFi tokens for goods and services.
  • Scallop Multi-Currency Wallets – To store and spend different fiat and cryptocurrencies.
  • Scallop Money Transfer – To transfer fiat currencies to anyone around the world using cryptocurrencies.
  • Scallop Exchange – A place to convert crypto and DeFi tokens to fiat currencies and vice versa. 
  • Scallop Cold Wallet – To exchange and store both crypto and fiat assets directly from the cold wallets. 
  • Scallop Chain – To enable cross-chain financial applications on Polkadot. 

Incubation by MahaDAO

Scallop was recently incubated by MahaDAO, which generated much buzz on social media. This incubation will solidify Scallop’s principles and help the company bring DeFI powered banking services to a larger audience. 

Scallop has started making rounds in the DeFi world as a unique solution. The company will launch its services in the UK and EU and offer them to 747 Million users in the region. 

MahaDAO has joined Scallop as a long-term partner and will use its tool to develop the ARTH universe – MahaDAO’s own next-generation stablecoin. With two incredibly innovative companies joining forces, it will be exciting to see how they shake up the De-Fi world.