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Scallop

Scallop’s Banking Suite: Accounts, Cards & Money Transfers — and How They Work

With increasing interest in Scallop, we are detailing further information about our payment platform which will support multi-currency accounts, currency transfers and exchange services. This article will outline key information about the workings of Scallop’s accounts, cards, transfers and remittance.

Getting Started with Scallop

Users will be able to set up either a Personal or Business Banking Account without any credit checks by using cryptocurrencies. Instant KYC will allow users to open GBP/IBAN accounts within minutes.

Scallop Accounts are traditional banking accounts that can be used for daily activities such as receiving salaries, setting up direct debits and sending money, etc. Additionally, users will be able to trade and transact in cryptocurrencies and interact with De-Fi protocols using a cryptocurrency wallet.

Membership Types

Scallop will initially offer two types of memberships for its users — a Basic Account and an Elite Account. Both accounts will provide users with a free banking account, cryptocurrency wallet and a virtual debit card which will allow spending of both digital and fiat currencies in the real world.

Whilst our basic membership will suffice for most, we also offer access to a premium account that offers an enhanced user experience and more discerning service. To be eligible for an Elite Account users will need to stake $5,000 worth of Scallop tokens (SCLP) continuously for 45 days to get the next 30 days membership.

Please see below for a full breakdown of features for Basic and Elite membership.

De-Fi Powered Banking

In addition to traditional banking services, such as salary transfers, direct and automated payments, Scallop will offer one of a kind De-Fi products (for both membership types) that will allow users to spend De-Fi tokens without having to make any manual withdrawals from protocols or exchanges. Instead, simply choose the token that you wish to exchange or pay with and our backend technology will automatically complete the transaction.

User’s will also be able to use “Scallop Earn” in which they can deposit crypto converted from fiat directly into leading De-Fi protocols such as Compound, Aave, dYdX. We will also offer Buying, Selling and Storage of NFT on our own NFT marketplace.

De-Fi Powered Scallop Cards

A Scallop Card will allow you to leverage the security of blockchain and the convenience of a debit or credit card for daily transactions.

The major USP of the Scallop card lies in its ability to facilitate secure and anonymous transactions. This will allow the users and merchants to overcome obstacles associated with accepting cryptocurrency payments in mainstream transactions by offering them a reliable framework.

Scallop cards allow you to spend your staked De-Fi tokens without the need of unstaking these Defi tokens, converting them into crypto and then into fiat to finally make the payment.

  • Scallop banking accounts support Instant SEPA, Faster Payments and SWIFT services for fast funds transfer from In and Out of banking accounts.
  • Integrations with local payment networks like FPS, SEPA, ACH, NEFT, Wire, RTGS, SWIFT, Scallop banking account supports seamless transfer of traditional currencies.
  • Supports digital currencies such as Bitcoin, Ethereum, Litecoin, Tether, ARTH and SCLP for trading and transactions.

Scallop Money Transfers and Remittance Service

Currently, international money transfers can involve multiple parties and can be relatively costly. Scallop intends to make money transfers across borders cheaper, quicker, and safer without any loss of quality in the service provided. Users will be able to transfer their money to any currency of their choice using Scallop’s transfer service.

Regardless of transaction volumes, customers will be assured of the simplicity, low block-time and security in every transaction made through our platform. Users can seamlessly send and receive fiat currency to their friends and family living in other countries instantly making transactions through any cryptocurrency of their choice.

  • Personal users can make fiat and crypto payments by scanning a QR code.
  • Business users can receive payments in fiat and crypto using a QR code.
  • Users can also send and receive fiat currency to their friends and family living in other countries instantly using any cryptocurrency.

About Scallop

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

Telegram | Twitter | Website | Medium |

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One-stop solution for both banking services and crypto DeFi services

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Karampal Singh

Karampal Singh

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