What is the SCLP token and how will it activate the world’s first DeFi neobank?


2020 and 2021 saw the rise of cryptocurrencies as Bitcoin and Ethereum grabbed the world’s attention and became mainstream. The Decentralized Finance (DeFi) sector has grown 8,700% in the past 12 months with the total value locked in (TVL) in DeFi protocols dropping from $ 970 million to $ 87 billion. Despite the recent market downturn, venture capital continues to flow into industry startups as the world-renowned Wharton Business School reported can “transform global finance”.

One of those companies that aims to disrupt the traditional banking sector is Shell – “the first neo-bank powered by DeFi in the world”. Scallop combines traditional bank accounts with DeFi capabilities in a single solution that connects the two worlds.

A brief introduction to scallop

Scallop has implemented a robust platform that integrates decentralized finance into bank accounts, without losing day-to-day utility. It’s an FCA-regulated bank that offers ten DeFi-powered banking products that make everyday life easier.

What separates Scallop from other neobanks and DeFi platforms is its feature – Scallop Pay – which directly allows users to make payments using cryptocurrencies. It eliminates the tedious and expensive process of converting digital assets into fiat currencies and brings cryptocurrency further into the mainstream.

Scallop provides an on / off ramp for seamless trading between crypto and fiat currencies and vice versa using Scallop Exchange. The company also offers virtual or physical cards that work like debit / credit cards, which provide traditional banking services using cryptocurrencies, such as receiving salaries, setting up direct debits, and sending or receiving international money transfers.

Scallop’s token, $ SCLP, will strengthen its entire banking ecosystem and will soon be uploaded to the Ethereum network.

$ SCLP – the token of the future!

$ SCLP is an ERC 20 utility token which is the primary medium of transaction in the Scallop ecosystem. The token is built on the Ethereum network to take advantage of its scalability, helping to extend Scallop’s DeFi functionality.

It can be used to pay fees like exchange and transaction fees, institutional management, wire transfer, recharge account, and wallet fees. $ SCLP is also used to receive rewards and redeem bonuses.

Users will be able to take advantage of institutional offers and network discounts by making payments with the $ SCLP coin. Scallop also offers a 1% discount on travel offers if users use the token for transactions abroad.

Reward structure

$ SCLP is the universal token of the Scallop ecosystem, which will be used for rewards and payments. The platform has encouraged the use of tokens by offering several rewards such as ‘Crypto Back’, Institutional Offers, Travel Deals, and Business Rewards.

$ SCLP empowers the world’s first neobank by acting as the primary transaction method for all of its services. It will have applications in the ten “X” products offered by Scallop – Scallop Earn, Scallop NFT, Scallop Banking Accounts, Scallop Cards, Scallop Pay, Scallop Wallets Multi-Currency Wallets, Scallop Money Transfer, Scallop Exchange, Scallop Cold Wallet and Scallop Chain.

Scallop has changed the way people interact with Fintech and DeFi, with $ SCLP at the forefront. It offers a high level of security, full transparency and unparalleled rewards with any traditional banking service. Scallop is a timely solution in a world moving towards digital payments. The SCLP token is expected to launch ahead of the Scallop platform, which is slated for September 2021, according to the company’s statement. roadmap.

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