Date : 20th October 2021
Host : HunterX & GemFlair
Guest: Scallop Team (Raj Bagadi — CEO)
Hello! Spykefastians & Blockchain Enthusiastic!
We recently hosted an AMA with Scallop, on 20 October at 4 PM UTC. So here we are up with the AMA transcript, if you missed the live session, this post will be a saver & a feeder of knowledge for you.
INTRODUCTORY QUESTIONS — BY SPYKEFAST TEAM.
HunterX | Spykefast (@realsch1- twitter):
Q1. Kindly give brief introduction about yourself, Crypto experience and your role at #Scallop Project?
Raj Bagadi:
Sure. Hi, I’m Raj, the Founder and CEO of Scallop. (https://www.linkedin.com/in/bnkumar1 )
A brief introduction about me: I’m based in Oxford, UK. I settled down there after completing my PGC in Economic Development from the University of Oxford. I also hold a postgraduate certificate in Business and Management. I’m also a certified expert in anti-money laundering and cryptocurrencies.
HunterX | Spykefast (@realsch1- twitter):
Q2. Let’s talk in detail about #Scallop project What are the main features of the project? Since when the project is developing?
Raj Bagadi:
We have been developing Scallop since 2019. And there’s been an incredible amount of work to get to this stage.
Scallop is a one stop solution for cryptocurrency and banking services. It is a fintech ecosystem which securely houses fiat and crypto in one single app. Users can connect a hardware wallet and directly buy/sell crypto between the wallet and the bank accounts. This is the core solution that we provide.
To manage both fiat and digital assets, the Scallop ecosystem provides banking accounts, debit cards and hardware/software wallets, so that any type of transaction is possible — whether with crypto or fiat.
HunterX | Spykefast (@realsch1- twitter):
🎉 Investing.com features Scallop 🎉
We got featured by Investing in their recent article 5 DeFi Projects with a Powerful Outlook in the Industry.
DeFi industry is growing at a tremendous rate and have $97B locked in them. At Scallop, we present an innovative DeFi Neo-banking ecosystem that lets you manage fiat and cryptocurrencies from a single app.
Read more👇
Raj Bagadi:
Scallop provides 10 products, split between crypto and banking services.
Our website name “ScallopX.com” is in reference to this. (X being the Roman numeral for 10).
Scallop’s ‘X’ products are:
GBP/EU Bank Accounts. Earn Accounts. Scallop Chain. NFT MarketPlace. Scallop Debit Cards. Scallop Pay (Payment Gateways). Money transfer. Multi Currency wallets. Scallop Exchange. Scallop Hardware Wallet.
HunterX | Spykefast (@realsch1- twitter):
It’s amazing to see Scallop feature as top 5 DeFi project to watch out for.
Q3. What are the major utilities of holding the #Scallop native token? How does team plan to enhance it value so as to attract users onboard?
Raj Bagadi:
Our token, SCLP, is the core of the Scallop Ecosystem. It has functions both on the banking and crypto sides of the business.
For banking, you can stake SCLP to obtain an Elite Membership with Scallop — which will provide you with many benefits. Additionally, sign-up bonuses, referral bonuses, deposit bonuses, “Crypto-Back ‘’ and many other rewards are paid in SCLP.
For the crypto side, you can pay transaction or exchange fees, pay monthly management fees, pay for proof-of-stake, loading/unloading fees and much more
We plan to enhance the value with 2 key events: Our product soft launch which will take place in end of November for a potential 747m users across the EU. And the launch of Scallop Chain to follow after that — the world’s first regulated blockchain, which will overlay the entire banking ecosystem. The SCLP token will play a huge role in our blockchain.
HunterX | Spykefast (@realsch1- twitter):
Q4. How is #Scallop project different from other centralized competitors?
Raj Bagadi:
One of the main differences is in the question. We’re decentralised. We’re an on-chain banking-as-a-service provider. As a user this means greater security and privacy due to being on-chain. Users can connect a hardware wallet and directly buy/sell crypto between the wallet and the bank accounts. This is aunique solution that we provide.
HunterX | Spykefast (@realsch1- twitter):
Yeah.. True.. Thats the biggest difference.. 😅😅
Raj Bagadi:
Moreover, as a user, we’ve built an ecosystem so that our users can access both crypto and DeFi directly from their banking accounts, and users can actually use all of those assets in the real world — crypto, fiat and DeFi LP tokens — by using the Scallop Card. Our centralized competitors can’t fully compete with this.
HunterX | Spykefast (@realsch1- twitter):
Q5. What major events can we expect in the 2021 #Scallop Development Roadmap?
Raj Bagadi:
2021 will see the launch of native token SCLP. SCLP will be offered on our incubator’s (MahaDAO) brand new launchpad MahaStarter (https://mahastarter.com/#/). The confirmed date for this in 27th October — next week!
We will also have our native blockchain, Scallop Chain, launching this quarter too. It will be the first-of-its-kind regulated blockchain and will overlay on top of the entire Scallop banking ecosystem. It’s currently under audit. It is interoperable with Ethereum, Binance, Polygon and any EVM-based blockchains. Scallop chain will fully bring to reality our on-chain banking-as-a-service.
HunterX | Spykefast (@realsch1- twitter):
Despite one quarter left..
So much is yet to happen in terms of upcoming events for Scallop project.
LIVE AMA QUESTIONS.
Tasmin:
STAKING is a really great STRATEGY for getting more investors and users
CAN USERS STAKE your token.??
Raj Bagadi:
Yes, we will have a staking programme in place which will go live after the token launches. Users can stake SCLP Tokens anytime from 30 days till 4 years! The longer the staking period, the higher the APY will be. Unlike other staking programmes, users will also be able to claim staking rewards whenever they want — they’ll be available instantly for you to collect.
Samsung:
Strong partnerships increase community trust in projects. Are you planning new partnerships?
Raj Bagadi:
We are partnered with Ledger, Chainalysis, Fireblocks to reduce fraud and as per AML regulations we always share data with law enforcement agencies through Chainalsysis. For more details please check our website www.scallopx.com.
Scallop cards are issued by VISA and Scallop hardware wallets are issued by Ledger.
In the near future, we have work-in-progress ongoing to partner with Terra, Aave Compound, Anchor and few more.
Last…..name…:
There are many rug pulled and exit scam happening now days. How can investors trust you to not to do the same?
Raj Bagadi:
Scallop is regulated in EU and UK by government regulatory bodies.Scallop has partnered with FireBlocks where Scallop’s wallets are equipped with multi-layer technology that combines the latest breakthroughs in MPC cryptography with hardware isolation. So customer funds are very well secured in multi sign wallets of Fireblocks. Additionally, Scallop wallets are insured against losses of up to $100M.
Ishrat jahan .:
will i be able to enjoy the DeFi yields while having the money on my bank? or do i need to transfer it out for that
Raj Bagadi:
Yes, we are working on this product — the Scallop Earn Account. That’s correct! Money held in your bank account can earn high DeFi yields from DeFi protocols such as Aave and Compound and dYdY. Once the user fixed deposit in earn account we convert your money to stablecoins on the backend, so that you don’t have to move your money around. As a result normal traditional banking users can enjoy the benefits of DeFi without knowing much about DeFi.
CLOSING REMARKS.
HunterX | Spykefast (@realsch1- twitter):
Thanks @Raj_scallop for being here to answer the live questions in here..
Sun Morningstar:
it was an amazing AMA!
Raj Bagadi:
I want to say thank you to the SpykeFast community for attending this AMA and hearing about Scallop. I thoroughly enjoyed my time here today. Also a big thank you to @realsch for coordinating the event.
I hope you learned a lot about Scallop and enjoyed it too! If you have any further questions, please do join our Telegram group and ask them there.
Sun Morningstar:
wish one of my questions was picked
thank you as well!
IMPORTANT LINKS
👥 Join Social Media Links
📌 Telegram: @scallop_official
📌 Twitter: https://twitter.com/scallopdefibank
📌 SpykeFast Telegram — @spykefastofficial
