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Explaining Scallop to a 12 Year Old

For many years now, there have been two types of money in the world — cash and electronic money. Cash is paper money (and coins) and electronic money is the ‘numbers on the screen’ that shows people how much cash they have. But, now, there is a new, third type of money — digital money. Digital money is money that only exists online. It’s numbers on a screen too but you can’t touch it in real life, like you can with cash. Many people today call this digital money, ‘cryptocurrency’ or ‘crypto’.

Our platform, Scallop, makes it easy for people to use their digital money. We do this because digital money is new and there are not many ways people can use it properly yet. And it’s expensive to change electronic money into digital money. So we want to make people’s lives easier and give them one place where they can manage both types of their money — electronic and digital.

Eliminating Middlemen:

Digital money flows from one person to another, without the need for a bank, in the middle. In this way, it becomes faster to transact and also cheaper, as there isn’t a third party for fees to trickle away to.

What is Scallop:

The Scallop platform will have 10 products in total. These 10 products make it possible for people to use their digital money in any way they want.

  1. Banking account — to hold your electronic money
  2. Wallet — to store the digital money that you own
  3. Exchange — to swap crypto for other crypto and electronic money for digital money
  4. Scallop Earn — earn rewards on both your digital money and electronic money
  5. Multicurrency Wallet — store up to 15+ different currencies. Perfect for holidays!
  6. Scallop Chain — a blockchain is the technology that supports the workings of digital money. Scallop is building its own regulated blockchain
  7. Scallop NFTs — digital way to store, buy or sell art
  8. Transfer — people can send money to each other
  9. Cards — people can pay for things with digital money using a debit card, like they do with cash at the moment
  10. Pay — shops can accept digital money for their products

Scallop lets people use the money of the future in exactly the same way that they use the money of the past. Scallop makes your financial journey easy and enhances your everyday digital money experience.

​​About Scallop

Scallop is an innovative fintech ecosystem for users who want a faster, more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets into mainstream use and bridge the gap between decentralised and traditional finance.

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