Pendulum and Scallop Partner to Pioneer the Future of Onchain Banking
Pendulum and Scallop have joined forces in a strategic partnership that seeks to revolutionize the blockchain industry, with a strong focus on promoting financial inclusion. Both partners can utilize this strategic partnership to combine their expertise and technologies, aiming to bridge the gap between traditional finance and the world of DeFi.
Fiat DeFi Services
Scallop is a cross-chain banking protocol that offers a suite of banking products, incorporating a fast Byzantine fault tolerance blockchain with a core KYC & AML module. It utilizes ZK Rollups and provides selective asset privacy features. Pendulum can integrate with Scallop by leveraging its fiat-optimized smart contract blockchain based on Polkadot’s Substrate. SatoshiPay, the parent company of Pendulum, has been developing payment infrastructure since 2014. Through Pendulum’s infrastructure, users will be able to gain access to specialized forex AMMs (like Nabla.Fi), lending protocols, and yield farming opportunities. Together, both partners aim to provide a seamless transition for users of traditional finance into the world of blockchain.
Empowering Connections
Recognizing the importance of cross-community collaboration, Pendulum chain and Scallop will leverage their networks to facilitate interactions between diverse communities. Through cross-community marketing efforts, they will foster the exchange of ideas, resources, and opportunities. Be sure to tune into the first joint Twitter Spaces between Pendulum leadership team and the Scallop CEO scheduled for the end of June 2023. This collaborative approach aims to drive adoption and create an inclusive and vibrant blockchain ecosystem that benefits individuals from various backgrounds.
EVM Meets Polkadot
Scallop operates as an EVM, while Pendulum is a Polkadot chain. By leveraging their respective strengths, they can both enable seamless access to fiat on and off ramps, providing users with enhanced convenience and flexibility. The Spacewalk bridge facilitates seamless connectivity between Polkadot parachains and the Stellar network, which provides a range of fiat stablecoins. As Spacewalk expands to include other blockchains, such as Ethereum and EVM chains, it is steadily moving towards achieving closer integration with these networks. This development paves the way for a deeper future collaboration with Scallop, bringing them closer together in their efforts to bridge traditional finance and DeFi.
Regulatory Compliance and Security
Both Pendulum Chain and Scallop prioritize regulatory compliance and security to create a safe and trustworthy environment for users, financial institutions, and regulatory authorities. By adhering to the highest industry standards and regulations, they ensure the integrity of their services and instill confidence in individuals engaging in blockchain-based financial activities.
“Together with Scallop, we are shaping the future of finance, where seamless integration of fiat and blockchain technology empowers individuals and businesses to thrive in a decentralized ecosystem.” Daniel Kisluk, Pendulum Co-founder & CMO.
“By partnering with Pendulum, Scallop is spearheading a transformative leap towards a more interconnected financial landscape. Our collaboration unites the disruptive potential of blockchain with the time-tested trust and dependability of established financial infrastructure, redefining the boundaries of a truly interconnected financial ecosystem.” Raj Bagadi, Scallop CEO.
Pendulum and Scallop are leading the charge in connecting traditional finance with the opportunities of cryptocurrency. This partnership integrates cutting-edge blockchain technology with secure banking solutions, opening up new possibilities for individuals and businesses alike across the globe. Join the Pendulum socials and the Scallop socials to be an early part of the movement!
About Scallop
Licensed secure infrastructure with banking products empowering retail and business customers. Utilizes ZK Rollups and selective asset privacy features.
Website | Telegram | LinkedIn | Twitter | Medium
About Pendulum
Building the missing link between fiat and DeFi through a fiat-optimized smart contract blockchain based on Polkadot’s Substrate. Allowing traditional finance fiat services to integrate with DeFi applications such as specialized forex AMMs, lending protocols, or yield farming opportunities. Developed by SatoshiPay.
Keep your eyes on the Pendulum!
Website | Twitter | Telegram Announcements | Telegram Community | Discord | Docs
