Scallop Wallets and Scallop Exchange
As the Scallop launch draws closer, we want to provide the community further information on the De-Fi products that Scallop will bring to the neobanking world. This article will detail the types of wallets and tokens that Scallop will support and how exchange happens on our payment platform — through Scallop Exchange.
The Scallop Exchange is the fulcrum of our payment system and will facilitate the conversion of cryptocurrency/de-fi tokens into fiat and vice versa. The Exchange supports both hot and cold wallets, providing users choices of convenience and security.
Users will be able to buy, sell and trade cryptocurrencies directly from their Scallop banking account into a hot/cold wallet connected to Scallop. They’ll be able to directly exchange DeFi tokens for fiat and for the first time, can swap liquidity pool (LP) tokens for fiat and vice versa — all from the Scallop app.
The Exchange will support trade of the latest coins, in a single click, through a direct integration with Uniswap. Coins such as Bitcoin, Ethereum, Litecoin, Tether, ARTH and SCLP will all be supported.
Multi-Currency Fiat Wallet
Our multi-currency fiat wallet is our banking wallet where users can store and spend their GBP, EUR and 5+ other currencies. It provides an entry point to the Scallop Exchange and where users can directly purchase cryptocurrency or De-Fi LP tokens with their fiat and store them either in our digital or hardware wallet.
Hardware “Cold” Wallets
As a fully regulated and compliant neobank, security is one of our utmost priorities. As such Scallop is the first and only neobank, or cryptocurrency payment platform, to offer users a hardware, or “cold”, wallet to store their coins in.
Hardware wallets offer the highest level of security for tokens by securing private keys on a hardware device. They are stored in a protected area of a mini controller and cannot be transferred out in plaintext.
The Scallop hardware wallet will be available for purchase directly from the app. These wallets are a banking grade specification that is:
- Made of EAL 5+ financial grade crypto chip which completely protects your private keys.
- Equipped with Infineon CCL 6+ security, the highest-grade security issued for financial applications.
- Embedded with a self-destructing and key-erasing mechanism that protects your assets from any possibilities of hacking.
Digital ”Hot” Wallets
Our digital wallets are ‘open’ and as such enable users to trade cryptocurrencies as you would on a central exchange. They will have a wallet address to send and receive tokens, as well as public and private keys that help facilitate transactions and act as a security measure for token storage.
Unlike existing neobanks which only provide users ‘closed’ wallets that do not facilitate transfers/reception of tokens or the ability to make payments to third parties, Scallop’s digital wallet allows users full access to the cryptocurrency world.
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.
Scallop Official Links