LONDON, Sept 8, 2021 - (ACN Newswire) - Scallop, the world's first DeFi-powered banking app with integrated DeFi-powered
accounts, is formalizing plans for launch in the EU and UK markets in late October 2021, with international expansion
plans to follow. A one-stop solution for both banking services and crypto DeFi services, Scallop provides traditional
banking services for busy users with a cryptocurrency core.
Scallop's ecosystem is focused on offering its users DeFi-powered banking solutions in an all-in-one account that
enables them to manage their cryptoassets and fiat in a faster, more efficient, and secure manner, thereby making
people's day-to-day lives more manageable, while also bringing crypto a step further into the mainstream.
"Scallop's mission is to accelerate the global transition to a more decentralized and equitable financial system.
Therefore, there is a requirement for a banking infrastructure that bridges the crypto and fiat worlds. Scallop will
allow its users to use their digital assets in the real world for the very first time. This is a major step for any
foreseeable future of cryptocurrencies; without using crypto in the same way as fiat, the future is limited," said Raj
Bagadi, CEO and Founder at Scallop.
With Scallop accounts, users will be able to pay for goods, set up direct debits, send or receive cross-border payments,
and more. Scallop also comes with an in-built non-fungible tokens (NFT) marketplace where users can easily buy or sell
their crypto-collectibles securely. And on top of that, Scallop users will also be able to earn the best interest rates
from DeFi protocols like Compound and Aave.
Scallop has already secured a license to provide virtual currency exchange and wallet services from Estonia's MTR
financial regulators, and the team is waiting on the UK's Financial Conduct Authority (FCA) Regulation as an EMD for
Electronic Money Institution (EMI). Scallop's also shortlisted in Europe for regulation as an Electronic Money
Intermediary. (Scallop services will not be immediately available in the United States)
Scallop will make further announcements as the EU and UK rollout, expected to go live in October 2021, begins. All
application development has been completed, and security audits are taking place to ensure the product is
technologically sound before the final launch.
Scallop is a DeFi enabled neo-bank that utilises blockchain at its core to provide a safe and secure solution to bridge
the gap between traditional and decentralised financial systems - the world's first DeFi powered bank. Find out more at www.scallopx.com