Scallop is the leader in banking as a service focused on crypto
Hundreds of millions of people around the world do not have checking accounts or savings! Financial exclusion harms the quality of life and also delays economic success. The unbanked population has no access to any financial product, which is likely to continue if it does not change.
Traditional banks have failed to provide a user-friendly ecosystem for unbanked people to participate. As is known, the banking system of an economy is its backbone, and its lack of ubiquity will surely not help the case.
This makes the relevance of Banking-as-a-Service more of a need than a trend. Banking-as-a-Service has become the latest buzzword in the FinTech industry. The whole industry has been taken by storm because it is redefining the banking industry. It gradually shows users what the future of the bank could be.
The main goal of Banking-as-a-Service is to offer a seamless customer experience that no traditional bank could offer until now. Neobanks are not only faster; they are cheaper and have a better chance of reaching the unbanked. But what if it is a merger of the principles of Banking-as-a-Service with cryptocurrencies?
The Result – A crypto-focused service that will take the world by storm and bring a sea change in the way banks should operate.
Scallop – A disruptive change everyone needs
COVID-19, with its different versions, has wreaked major havoc on the global economy. It has weakened the financial system all over the world, urging further change. DeFi has emerged as the solution to all problems as it refreshes traditional banking standards by creating products and solutions based on Blockchain. It is decentralized and therefore does not maintain any financial intermediaries such as banks, stock exchanges, etc., and instead takes advantage of the power of smart contracts.
The DeFi transformation is still in its infancy, which is why the inherent complexities have discouraged users from adopting the new method. Symbolic economies have been detached and isolated from the current system. This leads to barriers that prevent people from moving between crypto and fiat seamlessly.
Shell is a DeFi-compatible neobank that uses blockchain to bridge this gap between cryptocurrencies and fiat. It was created with the vision of forming an ecosystem in which users can freely use their cryptos. It will be easy to convert any virtual currency into fiat currency without any effort.
What does Scallop offer?
It provides solutions to move from traditional to DeFi, bringing cryptos to mainstream use. It connects the user’s digital wallet with banking services providing the exchange of fiat and cryptocurrency in a single unified environment. This will allow for instant and well coordinated transactions between accounts and wallets. Some of its more interesting offers are:
It will now be possible to deposit fiat and access high returns from major DeFi protocols like Compound, Aave, DyDx, without the role of intermediary, with enhanced security and less hassle.
Users have the ability to buy, sell and trade cryptocurrencies from their bank account directly into their Scallop linked wallets. Users will be able to swap their tokens for fiat, swap liquidity pool tokens for fiat, and vice versa.
Cross-chain functionality and interoperability has always been a weak link in DeFi. But, Scallop Chain provides a range of cross-financial applications in the Polkadot ecosystem by integrating banking APIs with Scallop Chain smart contracts. Institutional partners will be able to work directly with Scallop to create interest-bearing savings accounts, debit cards, etc.
Scallop bank accounts
This is sure to be the one-of-a-kind solution for users to deposit and spend DeFi tokens without having to remove the tokens from DeFi protocols. Users can set up their personal or business bank account without a credit check with cryptos. Instant KYC will make it easy for users to open their GBP / EUR bank accounts.
These are debit cards connected to bank accounts that can be used to withdraw money and make purchases anywhere. You can spend your Staked DeFi tokens without picking them up, converting them into crypto and fiat.
In addition to these products and solutions, Scallop already offers several other solutions, including Scallop Hardware wallets, NFT, payments and transfers, NFT and much more. A multitude of their solutions are also visible on their official site.