2022 so far in the Scallop Ecosystem & what’s next for 2023?

3 min readJan 5, 2023

It was a great and super eventful 2022 at Scallop. Scallop Chain achieved numerous milestones, from its strategic expansion onto the global stage following the multiple product launches to mark its first anniversary as a Fintech innovator and so much more.

Let’s take a detailed round-up for the year 2022 👀

Over the year, the Scallop team launched the much-awaited products that had a real and lasting impact on streamlining digital asset management for our customers. Let us look at most of the products launched so far on the Scallop Chain.

  • Scallop Exchange: The Beta version of the Scallop Exchange was launched with an overwhelming response. The Exchange enables Scallop customers to easily buy, sell, and hold 100+ crypto tokens with 20+ fiat currencies via bank transfer or credit/debit card payments.
  • Scallop Chain Testnet: After months of anticipation and excitement, Scallop Chain’s Testnet was released! The Scallop Chain community can now join in the testing process and help shape Scallop Chain’s potential as a peer-to-peer cross-chain asset transfer network.
  • Staking 2.0: Scallop-staking users were migrated to the new and improved staking program! It was an exciting process with high rewards and remarkable new APYs.

🏔️ Scallop Exchange made waves not just for its successful launch but also for making history as the first DeFi company to reach the summit of Mount Everest.

⛳️ The Scallop flag was proudly hoisted on the top of the world by mountaineers Kenton Cool and Jay Kolhatkar, who braved harsh conditions to reach an altitude of 8,849 m (29,028 ft).

🏹 For the 2021/22 season, Scallop also became the Official DeFi partner of the Premier League football team Norwich City F.C. This collaboration helped Scallop receive global exposure to the 4+ billion Premier League viewers in 190 countries and educate young people worldwide about DeFi.

🏦 Scallop also achieved PSD compliance for its digital banking services in the U.K. and E.U. and was officially onboarded onto the Binance Custody Platform.

🛡️ Scallop marked its foray into the Gulf region with its recently granted regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA)! Scallop can now operate within UAE’s rapidly expanding digital assets ecosystem, offering top-notch financial solutions to a new group of customers.

Here are the licenses Scallop has gotten under its belt.

  1. Canada MSB
  2. VARA Dubai
  3. EMD United Kingdom
  4. EMD Ireland
  5. Crypto Licence Estonia Europe.

🎊 Scallop at events: Scallop was fully represented at every significant event. From the Global Blockchain Congress in Dubai to Money 20/20 in Amsterdam and Token2049 in London. They also had fruitful discussions at the Binance Blockchain Week in Paris.

Scallop had quite the whirlwind of a year!


Scallops' goal for the coming year is to deliver dependable and accessible financial services globally. 2023 sees an impressive set of plans come to fruition, with initiatives such as:

  • Launching Scallop Cards.
  • Incremental app updates.
  • Improved CEX features to include futures and on-ramping and off-ramping.
  • Upgrades on our testnet and launching devnet
  • Conducting audits on devnet.
  • Hackathons.
  • Launch mainnet.
  • Full institutional services.
  • Launch of Extension Wallet.
  • More strategic partnerships and much more.

2023 will surely be a year of innovations, possibilities, and milestones.

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