KUCOIN COMMUNITY AMA WITH SCALLOP RECAP
Kucoin held an AMA session with Scallop on August 1st, 2022. The AMA session was explosive as the community came alive to discuss extensively about the project and also hear from the CEO, Raj Bagadi.
The AMA featured a 2000 USDT reward pool for selected questions. This article would give a report on each part of the event and selected questions that won from the reward pool.
Here’s the recap for those who missed the event.
We had Sam, the Kucoin Community Admin and the host for the event.
Guest Speaker: Raj Bagadi, CEO & FOUNDER SCALLOP.
PART 1: SCALLOP INTRODUCTION
Sam introduces the Guest Speaker.
Raj Bagadi — Founder and CEO of Scallop
Raj Bagadi, the founder and CEO of Scallop, is a certified AML specialist. He is a postgraduate from Oxford and dreams of revolutionizing the finance industry. He is also a certified anti-money laundering specialist in the UK. He also has extensive experience in the finance sector and is an expert in the financial regulations and anti-money laundering. Before starting Scallop, Raj advised blockchain and cryptocurrency start-ups to provide technical and software solutions.
Sam: Our audience would love to know more about Scallop. Please introduce Scallop for us, Raj!
Scallop is a regulated & licensed banking institution with plans to offer a comprehensive suite of next-generation, innovative banking infra and digital asset products to approximately 750M citizens in the UK, Europe, Canada with plans to expand into other regions to reach Global 1.5B users soon.
One of our most innovative products–our crown jewel– is Scallop Chain. Scallop Chain is the world’s first regulated bank on a Layer1 Chain. 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 using Tendermint and Ethermint core with inbuilt KYC,AML mudules in the core consensus and supports EVM compatibility. 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 will 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.
Sam: What seperates Scallop from the rest?
Scallop has set up a unique position by providing an integrated and simple solution for the users to benefit from the world of cryptocurrencies without any complications. It is the first service provider where users can convert their digital currencies instantly using Scallop bank accounts and spend the funds directly in traditional or online marketplaces. No project in the market offers the simplicity and accessibility of Scallop giving it the edge to become the leader in the industry.
Just Imagine when you register on Scallop web wallet like metamask and after passing KYC and AML you get a wallet address happened to be IBAN number . Scallop brings both crypto and banking in one place in a unique way.
We dont have direct competitors in the market but some close ones are below.
Sam: Thank you for this information, Raj. Following the series, What is the native token of Scallop? And what’s its real utility?
Scallop is powered by its token SCLP which is a utility token based on the Binance Smart Chain (BSC) network.
The contract address is as follows:
You can find us on the following:
It is a multi-utility token that is used within the ecosystem to pay for swap, transaction fee, management fee, institutional management fee, stake scallop to run a node and token hosting fee.
Payments: Enjoy up to 20% discounts on transaction fees and others when paying in SCLP.
Staking: Hodl and stake SCLP for upto 40% APY
Access to Elite account membership: Become an Elite account holder by staking SCLP and enjoy greater payback, airport lounge access, dedicated customer service and much more!
Sam: Scallop recently announced approval of dedicated Sort Codes? What are they, and why does it matter?
We are delighted to announce on Kucoin platform officially that Scallop is licensed to issue dedicated Sortcode accounts to its users and permitted to issue dedicated sort code bank accounts.
A Sort code is a number code used by the British and Irish Banks to identify the location of the bank where the accounts are held. Scallop will be among the rare Neo banks to get its own sort code, which will significantly boost the credibility of its banking services.
Scallop will utilize its own sort code 04-29-06. The six-digit code is often embedded in the IBAN numbers and can be crucial to identifying accounts and tracking money transfers.
Users can verify their 6-digit sort codes while sending payments or adding new payees from Scallop neo bank. This provides a great first step toward giving customers complete transparency around their finances.
Sam: Now that we’re getting hype of it, ofc the next question would come into everyone’s mind. How about credibility?
What licenses Scallop has acquired? Can you shed some light on the importance of complaince in Scallop?
Scallop is licensed to provide crypto activities in UK, EU, Canada to offer Fiat and Crypto activities in Canada. Moreover Scallop goes beyond the mandatory requirements as part of user compliance.
Scallop is the trading name of Scallop Group Ltd is a company registered in England and Wales with company number 12764221. Scallop UK accounts and debit cards are provided by Modulr Finance Ltd who are Authorised and Regulated by the Financial Conduct Authority (FRN: 900699). Scallop EU accounts and debit cards are provided by Modulr FS Europe Limited who are Authorised and Regulated by the Central Bank of Ireland (REF: C191242).
Scallop Fintech Inc is license to provide Fiat and Crypto activities in Canada with MSB registration number: M21059242.
We are expanding into more countries and the details will be announced in our channels.
It is of the up most importance to Scallop to work in unison with regulators around the globe as Scallop believes crypto adoption can only happen in a regulated manner.
Sam: What are the products of Scallop?
Scallop is a hub for DeFi innovations and banking services. Here are the various products offered by Scallop:
Scallop Chain - Scallop plans to connect traditional banks with cross blockchain applications. Institutional partners work directly with Scallop.
Payments - Payment gateway service to enable crypto to fiat on/off ramp payments.
Hardware wallet - Store and trade your crypto using Scallop cold wallets.
NFT Marketplace - Buy, sell and leverage digital content using a built-in NFT marketplace.
Scallop Earn - Earn the best rates from Defi protocols like Compound and Aave with all the utility and none of the complexity.
Scallop Swap: Swap your assets at a great rate.
Accounts - Open GBP and IBAN accounts for daily use, for both personal and business users
Cards - Virtual and physical spending cards, on the Visa payment network
Multi-currency Wallet - Store, spend and send 15+ international currencies
Transfer - Send & Receive money in all major currencies, to anyone, anywhere.
Sam: Tell us some fun-fact about the brand story behind Scallop. Is this where as a diver, you found that the pearl is hidden in deep waters?
I was diving in the ocean and saw a scallop. I could not stop thinking about it, mainly because of its beautiful shape and colour. Not to mention the possibility of finding a pearl inside it.
After a few years, while I was working on our project initially, I realised that the nature of blockchain is similar to a Scallop. We can see the beauty of our business from the outside only if we dive deep inside the technology and find out how it works.
Our company name "Scallop" originated from this story.
When a bivalve mollusk brings two shells together and creates a life form it's called Scallop . Similarly when crypto and banking come together in one app its called Scallop.
The Pearl is Scallop Logo
Sam: Thanks Raj, for taking the time to put it this way together. Really a fun fact.
Where can we learn more about Scallop and how do we follow your updates?
Glad you asked, some more exciting announcements to come!
You can follow us here:
Find all Links here: https://linktr.ee/scallopdefibank
Sam: And that wraps up the first part of the AMA session. Thank you Raj for your answers!
PART 2: A lot of questions were received but 5 best questions got the prize. Raj gave answers to all selected questions.
Question 1: I am interested to invest in your project. When and where can I buy your tokens ? Is it already listed exchanges?
Scallop SCLP is listed on Kucoin and you can buy Scallop on Kucoin.
Please click below links to buy SCLP
$SCLP / USDT : https://www.kucoin.com/trade/SCLP-USDT
$SCLP / BTC: https://www.kucoin.com/trade/SCLP-BTC
Question 2: Does your project support staking program? If yes. how is your stake system work, what is the requirement for user if they want to stake in your platform?
Yes, we have a staking programme in place. 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.
Please stake your scallop at below link.
Question 3: PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?
We partnered with Ledger, Tendermint,Chainalysis, Fireblocks to reduce fraud and as per AML regulations we always share data with government regulatory agencies through Chainalsysis. For more details please check our website www.scallopx.com.
Scallop partnered with several banking partners including Modulr and DC bank.
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.
Question 4: The question I have is will Scallop run on its own blockchain? If so, when will Scallop launch his own chain? Will you introduce your own peg coin? For example. (SCLP/SUSD?)
Yes Scallop launching its own chain . We have a great surprise around the pegged coins in Scallop chain
Scallop chain, which is the world’s first regulated blockchain. It is interoperable with ethereum, binance, polygon and any EVM-based blockchains.
The solution that Scallop provides is a platform with both banking and cryptocurrency services where users can do just this - connect a hardware wallet and buy/sell crypto directly between the wallet and the bank account.
Question 5: What is your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
We are aiming to launch Scallop app for whitelisted Beta users very soon .
Scallop chain mainnet to go live in Q4 of 2022.
We have more exciting achievements as part of the expansion and growth in 2022.
Sam: That’s it for our AMA guest. Let’s give a round of applause for Raj!
It’s has been a great experience to have you as our guest for this AMA session. Thank you for gracing this event.
Raj: Thank you again KuCoin community and Sam for welcoming me very warmly and hosting me today. I hope that I answered all of your questions comprehensively. I hope our paths cross again soon in the future!
The community could not hide their excitement at the assurance of commitment by the Scallop team.
Scallop is an innovative fintech ecosystem for users who want a faster, more efficient way to manage their crypto + fiat in a single place securely. Scallop’s mission is to bring digital assets into mainstream use and bridge the gap between decentralised and traditional finance.