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Monthly Update: June 2022

It has been an eventful and busy month for us! We went live with our Beta version of the Scallop Exchange. Within the first few days, the exchange had over 39,000+ sign-ups. We have been overwhelmed by the positive response from our valued community members. We want to thank you all for your belief in Scallop. The team worked extremely hard, and we are happy to see it take off positively, especially in the current market conditions! Besides this, Scallop made history by becoming the first DeFi company to reach the peak of Mount Everest! All this and much more in our monthly round-up.

Scallop Exchange is Live!

We launched our brand new product — Scallop Cryptocurrency Exchange, in its beta phase. The Exchange enables customers to easily buy, sell, and hold 100+ crypto tokens with 20+ fiat currencies via bank transfer or credit or debit card.

Key highlights of the Exchange include:

  • Deep liquidity
  • Futures and Margin trading
  • Up to 125x Leverage
  • Low trading fees
  • 20 % additional discounts on trading fees when paid with the SCLP token
  • Secure and Insured trading accounts

Check out the Scallop Exchange for more details:

Download the App!



The Bug Bounty Program

As announced, this is the beta version of our Exchange. To ensure that the Exchange provides the best user experience, we invited techies to report any bugs and get a chance to win rewards from a pool of $50,000 worth of SCLP tokens.

Read the full announcement and find details here

Scaling Mount Everest

Scallop made history as the first DeFi company to reach the top of the world — Mount Everest! Mountaineers Kenton Cool and Jay Kolhatkar defied the odds. They proudly hosted the Scallop flag on the summit at an altitude of 8,849 m. With this historic voyage, Kenton set a record as the only non-Sherpa to scale Everest 16 times!

Catch a glimpse of their journey!


On its launch, Scallop Exchange was featured in Cointelegraph.

When Scallop reached Mount Everest, it drew much attention from multiple publications. Read media coverage on the #DeFiTheOdds feat by Kenton and Jay.

Yahoo Finance


Digital Journal

Scallop at Events

Scallop is enthusiastic about blockchain technologies, DeFi, and Web3 and frequently participates in community events. CEO Raj Bagadi recently attended Coindesk’s Consensus 2022 conference in Austin, Texas. Mindy Bejawn, COO, and CTO Soren Stammers attended Money 2020 Europe in Amsterdam.

Scallop Learn articles

Along with the launch of Scallop Exchange, we also published a short guide to help our customers get started with the platform. There are also details regarding how to put a cryptocurrency exchange to best DeFi use. Further, we attempted to delve deeper into what is causing the cryptocurrency slump and how to avoid FUD or misinformation.

Read our insights:

  1. A beginner’s Guide to Scallop Exchange
  2. What can you do on a cryptocurrency Exchange?
  3. Inflation: How does it affect cryptocurrencies?
  4. Debunking Crypto Myths

Tech Support Ticket Count

With the Exchange launch and multiple user reward programmes, we were inundated with queries. Once again, the Tech Support team did a tremendous job, ensuring that our customers had the best experience while trading on the exchange. They provided an FAQ section on how to navigate the exchange and successfully resolved 246 requests from users.

Tech Update

June has been a very eventful month for the Scallop team. After several months of development for the Scallop App, we submitted our Scallop App Onboarding and Login processes, to Modulr Finance, our Payment Service Provider partner, for audit. After taking the necessary steps for a more streamlined and better user experience, we successfully passed the audit.

Consequently, we are now in the final compliance evaluation with Modulr and finalising the PSD2 integration and certification with partner Tell Money, as well as obtaining our PCI certification with Partner VeryGoodSecurity. Both of these highlighted the need for a more rigorous security posture for our website, app and CMS. Hence, we moved to zero data, zero-trust security posture, where no personal identifiable information is stored on our backend. Instead, it is delegated to our partners and only accessible based on their role-based IAM procedures.

To complete this enhanced security posture, we are also moving to support DMARC to protect our domains from being used for phishing, whaling or DDOS attacks, as well as transferring from Cloudflare to AWS WAF protection from hackers or DDOS attacks on our websites and APIs.

Next, we will be adding additional integrations to our app to support FX, remittances beyond the EU/UK, Multicurrency accounts and our crypto wallet integration with partners Fireblocks and BCB Group.

Rewards for you!

To understand & serve you better, we would like to know more about how Scallop can make a difference in your daily lives! Take the short survey here & help us achieve our “crypto for all” goal!

50 lucky participants will receive $SCLP!

There’s more! 5 lucky winners who leave a 5 star review on AppStore and PlayStore can win an extra reward of 100 $SCLP each*!

*T&C apply

So, those were some highlights as we close Q2. In the following months, we sincerely aspire to provide the best of DeFi and blockchain services to our community. For regular updates, subscribe to our monthly newsletter.

About Scallop

Scallop is a licensed & regulated banking institution offering a comprehensive suite of innovative banking products. Scallop’s next-generation products were launched to approximately 1.5 billion potential customers in the UK, EU, Canada, and UAE, where Scallop currently holds banking and crypto licenses. There are plans underway to expand into other regions soon.

To learn more about Scallop, visit



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