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Kenton Cool, a record-breaking mountaineer, and Jay Kolhatkar made history when they hoisted the flag of the fintech group Scallop to the summit of the highest peak on earth, Mount Everest. Scallop is now one of the first decentralized banking ecosystem to be established at an altitude of 8,849 m. Kenton holds the distinction of being the only non-Sherpa to have climbed Mount Everest 16 times. Notwithstanding a career-threatening injury, Kenton accomplished the astounding achievement. Despite the odds, the pair dared to dream big, and Scallop honored their bravery by providing every possible assistance to help Kenton and Jay achieve their dreams.
Read more about Kenton: https://www.bbc.co.uk/news/uk-england-gloucestershire-61456426
Drawing inspiration from the undying spirit of the mountaineers to strive to reach the top, Scallop envisions empowering the community through Decentralised Finance (DeFi). Scallop believes that a secured and regulated DeFi Banking ecosystem can change the way people plan their financial goals. The ecosystem intends to capitalise on DeFi yields while preserving the same safety and bank-grade security that existing financial systems do. In other words, Scallop provides DeFi-powered global bank accounts to its consumers. As a result, Scallop offers its users the best of both worlds, allowing them to manage crypto and fiat money on a single, secured, regulated platform.
The Scallop Chain
Scallop Chain is a regulated blockchain. It is the Scallop platform's underlying blockchain infrastructure. The single-binary blockchain distribution prioritises developer convenience, speed, security and simplicity. The chain is built on the Cosmos ecosystem and supports EVM compatibility, too. Scallop Chain is designed for proof-of-stake applications that require public authorisation. Scallop is designed to link traditional banks to cross-chain DeFi applications with this foundation. Scallop plans to allow institutional partners to collaborate directly with the company to develop secure custody services, interest-bearing savings accounts, debit cards, and a seamless onboarding from fiat to the crypto ecosystem.
To build on Scallop or access services users need to do KYC and AML on-chain to get regulated wallets and to create regulated tokens. The Scallop token (SCLP) itself is the underlying currency enabling the trade, transactions and other operations. Scallop also employs anti-money laundering (AML) regulations and robust technologies, bringing it one step closer to becoming a regulated yet decentralised ecosystem.
DeFi the Odds
The Scallop chain is architectured to natively support regulated stablecoins & CBDCs, as they become available in the future. The Scallop's CEO says, "It's never easy but always worth it. We've already reached the tallest peak Everest; we're definitely aiming for the moon next!" Strong like a mountain, Scallop's products are regulated in a way to overcome market-related hiccups and preserve investors’ capital. The platform has lately opened a waiting list for its Mobile Banking App and Exchange platform. According to company data, over 100,000 people signed up less than a month after it debuted. Going by the success of the waitlist, Scallop is hopeful of defying the current negative market sentiments and strengthening its community with a simple yet innovative solution.
About Scallop
Scallop is a regulated fintech banking ecosystem for users who want a faster, more efficient way to securely manage their crypto + fiat in a single place. The mission is to bring digital assets into mainstream use and bridge the decentralised and traditional finance gap.
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