Scallop IBO and Top Tier Listing confirmed for 27th-28th October
The initial Blockchain Offering (IBO) for SCLP token on the MahaStarter platform on the 27th of October has been confirmed. The following day, 28th October, the listing of SCLP will occur on KuCoin Exchange along with Pancakeswap.
IBO stands for Initial Blockchain Offering and refers to a crowd sale done for blockchain-based tokens that also launch their own chain.
The SCLP token is the native token for the Scallop ecosystem and is the gas fee for the Scallop chain. It can also be used for paying transactions and exchange fees. The fees are paid by users who trade digital assets on the platform and use an in-built on/off ramp to convert fiat to cryptocurrencies and vice versa. Institutions may also use SCLP to pay management fees on the platform.
Scallop provides a two-tier membership, entailing an exclusive ‘Elite Membership’ that can be opened by staking the token monthly. Users can benefit from institutional offers and discounts by networks when paying with SCLP, as well as receiving “Crypto-Back” when they make any payments with the token.
The SCLP token will be launched with an initial market capitalisation of $1,357,500 with 9,050,000 SCLP circulating supply. Scallop will offer a staking programme, which will go live after the token launch. Staking SCLP Tokens will be viable anytime between 30 days and 4 years. Longer staking periods will yield higher APYs and users will be able to claim rewards instantly.
Scallop has backing from leading investors with Blackedge Capital, X21 Capital, Bitcoin.com Exchange, Magnus Capital, Amesten Capital, Market Across, KuCoin Labs, ZBS Capital, Solidity Ventures, J8 Ventures, and MahaDAO all supporting Scallop’s aim to bring cryptocurrency further mainstream by providing the tools for adoption.
Scallop has banking accounts for users to receive salaries into, set up direct debits and send or receive transfers. Connected directly to hardware and digital wallets, these are powered with DeFi capabilities to facilitate any type of transaction and promote wider financial equality.
Raj Bagadi, Scallop Founder & CEO:
“These two events, the IBO and listing, mark a significant chapter in Scallop’s vision. The SCLP token will empower the entire Scallop ecosystem in which DeFi banking products are specifically designed to make people’s daily lives easier when using digital assets. We are extremely proud and excited.”
Pranay Sanghavi, Co-Creator MahaStarter and MahaDAO:
We’re delighted to bring Scallop as the first project on MahaStarter, our new platform for top-tier IBOs. It aligns with our belief to always maintain the highest possible standards across all of our operations. We will focus on the quality of projects on MahaStarter, not the quantity, and we expect Scallop to securely bring banking services on-chain to the masses, eclipsing all current solutions.
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 https://linktr.ee/scallopofficial