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Scallop UK Startup Implements Traditional Banking Services Into DeFi Platform

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Wed, 08/04/2021 - 17:48
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Arman Shirinyan
DeFi banking platform Scallop implements BaaS architecture to provide traditional banking solutions to their users
Scallop UK Startup Implements Traditional Banking Services Into DeFi Platform
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Scallop is one of the world's first cryptocurrency startups that is aiming to utilize both decentralized finance services and traditional banking systems via Banking-as-a-Service, according to its press release.

The BaaS model is a traditional centralized operating architecture being used in most institutions. The BaaS model allows banks to offer services like online banking, cards, mobile apps, etc.

Scallop is the world's first DeFi platform to implement BaaS architecture inside its ecosystem by using Scallop Chain and advanced API. The BaaS model allows Scallop to integrate various APIs with the platform's products, provide cross-chain interoperability with third-party APIs and offer banking products from both the centralized and decentralized worlds.

Scallop offers a wide variety of solutions with the implementation of SaaS architecture:

Scallop Accounts

Platform users can open GBP and IBAN accounts for both personal and business use. All wallets are suitable for interest accumulation for holding digital assets with the use of Scallop Earn.

Scallop Cards

Scallop card is a commonly used debit and credit card solution with greater functionality that includes cryptocurrency usage along with fiat. Card owners are able to use them for daily purchases with digital assets. Offered Scallop cards are made with titanium metal and are exclusive while being environmentally friendly.

Scallop Payments

Their payment solution allows users to receive and send crypto and fiat currencies with absolute ease. Scallop Payments supports every major currency and token and supports payments to any service through the wallet.

Scallop Hardware Wallet

Safety is always the number one priority; that is why Scallop offers users to store their crypto assets in a hardware cold wallet with the Infineon Chip CC EAL 6+ Secure element. The wallet's security mechanism is one of the best offerings on the market that will ensure the safety of users' private keys.

Scallop is the leading DeFi platform that is now powered by a Banking-as-a-Service provider that allows it to offer both centralized and decentralized finance solutions. Its innovative fintech ecosystem offers multiple advanced ways of managing crypto and fiat currencies on one single platform. You can find out more about Scallop's offering and services in its litepaper. The team's roadmap will give you additional information about future products, one of which will be released in September of this year, right after Scallop coin (SCLP) arrives on the market.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.