Insights from the Scallop and BitMart Exchange session — AMA Recap
BitMart Exchange is recognized as one of the most reliable platforms for trading cryptocurrencies, offering real-time trading services. Recently, an AMA (Ask Me Anything) session was held on the BitMart Exchange Telegram channel featuring Raj Bagadi on April 11, 2023. During the session, participants had the opportunity to win a share of over $1000 in $SCLP Rewards by asking questions. The AMA was divided into two segments, which encouraged massive participation from both the telegram community and Scallop.
The first segment, SEGMENT A, focused on questions directed toward Scallop’s CEO about the overview of the Scallop ecosystem. The second segment, SEGMENT B, involved questions from the BitMart Exchange Telegram community.
SEGMENT A
Yommey | BitMart Exchange: It’s another AMA day here and today we shall be looking at Understanding the Scallop Ecosystem. Our guest speaker shall be Raj_Scallop.
Raj Bagadi| CEO Scallop: Hello All, thank you for welcoming me here today. It’s a great pleasure to speak with a great community.
Yommey | BitMart Exchange: Thank you for joining us, sir. Now a lot of people are wondering who we have here. Can you please give us a brief introduction about yourself sir?
Raj Bagadi| CEO Scallop: I am Raj Bagadi, the founder and CEO at Scallop Group with a diverse background. I hold a post-graduate degree in Business Development and Management, as well as a Postgraduate Certificate in Economic Development from the University of Oxford. I am also a certified specialist in anti-money laundering in the UK and have extensive experience in the finance sector, including providing technical and software solutions to blockchain and cryptocurrency start-ups as an advisor. I am also a certified cryptocurrency expert. I have successfully led several crypto and fintech technology-based startups from concept to product release.
Yommey | BitMart Exchange: Thank you for sharing this with us. Now let’s dive into the AMA questions that I have for you today. The first question
Q1.
Yommey | BitMart Exchange: Why did you start Scallop? What problem are you solving?
Raj Bagadi| CEO Scallop: In 2020, I started building Scallop, a fintech ecosystem for users who want a faster, more efficient way to securely manage their crypto + fiat in a single place. Our mission is to bring digital assets into mainstream use and bridge the gap between Crypto and traditional finance.
Scallop’s ecosystem is designed, not only to be user-friendly but with a tremendous amount of security at its core. This provides consumers with all the tools they need to invest in the many opportunities provided by the Cryptocurrency space, without the complexity or ambiguity currently associated with their use. By combining the convenience of a debit payment card together with frictionless access to financial opportunities, Scallop will vastly improve accessibility to both Crypto savvy users and novices alike. We aim to remove as many of the obstacles that currently inhibit many inexperienced users from accessing the virtual currency domain. Scallop’s regulated bank accounts together with a user-friendly banking application provide a familiar environment that will instil confidence amongst users who are sceptical about the legitimacy of Cryptocurrencies. We strongly believe that by adopting these measures we will help bring Cryptocurrencies into general use.
Q2.
Yommey | BitMart Exchange: Thank you for sharing this. It’s a comprehensive one. So, can you shed some light on the Scallop ecosystem?
Raj Bagadi| CEO Scallop: Scallop ecosystem uses blockchain to provide robust and secure neo-banking solutions to its users. Our customers securely manage their fiat and cryptocurrency through a single Scallop App. At the heart of its ecosystem are its services from both retail and instituions:
Banking Services
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.
Scallop Business as B2B crypto payment solution: The All-in-One B2B Solution for Fiat and Crypto
Crypto & Traditional Finance Innovations 👇
Crypto Wallets : Store your crypto in a secured wallet insured upto 100M
Scallop Chain — Powering the World’s first Bank on a Chain creating a powerful Scallop ecosystem
Payments — Payment gateway service which enables businesses with crypto to fiat on/off ramp in order to receive payments.
On/off ramp services to exchanges ,OTC dealers and liquidity providers .
Q3.
Yommey | BitMart Exchange: This is great. So there are many other projects as well But what separates Scallop from the rest?
Raj Bagadi| CEO Scallop: Scallop has set up a unique position by providing an integrated and simple solution for 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.
Q4.
Yommey | BitMart Exchange: Really interesting one from the team. Let’s move on in order to know more. What is the native token of Scallop? And what’s the real utility?
Raj Bagadi| CEO Scallop: 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: 0xF2c96E402c9199682d5dED26D3771c6B192c01af
You can find us on the following: Coingecko /CoinMarketCap
SCLP is a multi-utility token that is used within the ecosystem to pay for exchange, transaction fee, management fee, institutional management fee, bank transfer fee, loading and unloading fee, ATM fee and token hosting fee.
Some important use cases of Scallop Coin 👇
- Native token of Scallop Chain
- Earn upto 20%discounts on fees in Scallop App
- Become a node validator
- Get access to Elite Membership
- Pay transaction fees
Q5.
Yommey | BitMart Exchange: Tell us about Licenses has Scallop acquired? Can you shed some light on the importance of compliance in Scallop?
Raj Bagadi| CEO Scallop: Scallop secured following licenses in different parts of the world and in process of acquiring more as part of expansion.
EMD License UK, EMD License Ireland, Crypto Licenses from 2 EU countries, Canada MSB Full license, Dubai VARA Digital Asset Exchange License and 2 more licenses which allow Scallop to provide services in more jurisdictions.
Compliance is a critical aspect of the financial industry, particularly in the fintech sector where banking app plays a crucial role in managing and transferring funds. In compliance with regulatory requirements, Scallop prioritises ethical and transparent practices. Compliance is of utmost importance for banking apps. It is necessary to ensure the security, trust, and integrity of the financial system and prevent financial crimes. Scallop prioritises compliance in all aspects of its operations, including KYC,KYB and AML regulations, data protection, and ethical and transparent practices. All Fintech brands must follow compliance to establish themselves as trustworthy and reliable financial service providers and earn the confidence of their users.
Q6.
Yommey | BitMart Exchange: Thank you for the response. We are midway into the questions. Few more questions to go. I am aware you have many products, can you tell us what are the products of Scallop?
Raj Bagadi| CEO Scallop: Scallop Accounts: Your Global Fiat accounts — GBP and IBAN accounts for daily use, for both personal and business users.
Scallop Cards: Pay with fiat or crypto, anywhere, online or in-store. Your crypto wallet address is now your bank account number.
Scallop Wallets : Store your crypto in an insured ecosystem
Scallop Pay: Send & receive fiat & crypto in a click
Scallop Swap: The Exchange enables customers to easily buy, sell directly between Scallop bank accounts and crypto wallets instantly
Scallop Chain: A Regulated, Low-Fee Banking Blockchain. Scallop Chain is a blazingly fast Byzantine fault tolerance blockchain with a core KYC & AML module included in the consensus mechanism at the protocol level. It is the world’s first bank on a chain which is in testnet now and Mainnet to go live soon in few months .
Q7.
Yommey | BitMart Exchange: Wow, Scallop App seems like a unique product. Please elaborate more on it.
Raj Bagadi| CEO Scallop: Scallop Accounts: Yes absolutely. Scallop, is the world’s first regulated neo-banking app. It was recently launched for EU citizens. The app contains all of Scallop’s products on a single platform. Let me quickly walk you through its unique features:
EU IBAN Account: Another unique aspect of the Scallop App is its International Bank Account Number (IBAN) feature that simplifies your crypto and fiat transactions, especially if you frequently deal with international clients or vendors. We support Instant SEPA
GBP Account: Get a dedicated GBP-based sortcode and Account number for daily use where you can store GBP and spend using a card.
Scallop Card: Scallop Card is an all-in-one fiat and cryptocurrency card that lets you pay for items online or in-store with a single touch. You may quickly convert currencies and use your card for purchases overseas with its safe payment. Unlike other products users can create as wallets as they want in Scallop app.
Crypto wallets: Store the top 10 crypto in an insured ecosystem and buy and sell directly from Scallop bank accounts.
Auto top up: Auto Top-Up feature will automatically fund your Card the next time its balance reaches the specified threshold amount after a purchase, withdrawal, or transfer.
Q8.
Yommey | BitMart Exchange: It’s wonderful to learn about this today. Thank you very much. Just a couple of questions more. Can you tell us some fun-fact about the brand story behind Scallop — is this whereas a diver you found that the pearl is hidden in deep waters?)
Raj Bagadi| CEO Scallop: Scallop Accounts: Being a professional diver, I always fancied Scallops. 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. Scallop is the name of a shellfish species. When a bivalve mollusc brings two shells together and creates a lifeform, it becomes a shellfish species called “Scallop”. Similarly when banking and crypto services come together in an app we named it as “Scallop” where the pearl is our logo. Our company name “Scallop” originated from this story.
Q9.
Yommey | BitMart Exchange: How will Scallop Business help modern businesses?
Raj Bagadi| CEO Scallop: Scallop Accounts: After the successful launch of the Scallop App to EU retail customers, we are now following up with Scallop Business — the one-stop Fiat and Crypto account for businesses.
Scallop Business is a neo-banking B2B solution for businesses to integrate Fiat and Crypto money into one platform. Enterprises can streamline manual financial exchanges with a multi-currency account.
For a B2B client, this means integrating all of your Fiat and crypto into a multi-currency account which can provide significant benefits for businesses that operate internationally or work with clients from around the world.
By providing a multi-currency account, Scallop Business helps B2B players to consolidate multi-currency Fiat and Crypto payments through a single platform, with a minimal fee.
Q10.
Yommey | BitMart Exchange: Lastly before we go into the audience section. Where can we learn more about Scallop and how do we follow your updates?
Raj Bagadi| CEO Scallop: Scallop Accounts: Glad you asked, join our community for more exciting announcements to come!
You can follow us here 👇
Website / Scallop Chain /Medium / Twitter / Telegram / Instagram / LinkedIn / Youtube
Find all Links here: https://linktr.ee/scallopofficial
SEGMENT B
Q1: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience on working in crypto and non-crypto project?
Raj Bagadi| CEO Scallop: Our Core Team :
Raj Bagadi — Founder & CEO; Oxford Univ PGC, 10+ years exp in Global Fintech & Banking
Mindy Bejawn — Co-Founder & COO; Oxford Univ PGC, 40 years exp in operations cryptography.
Soren Stammers — CTO; University of Edinburgh 40 years of exp in fintech and technology
Erion Andoni — Certified AML specialist, Money laundering regulatory officer, 13+ years exp in compliance.
Q2: Binance Smart Chain provides low fees, fast transaction speeds, reliable and easy-to-use services. Does $SCLP have any plan migrate BSC or others chains?
Raj Bagadi| CEO Scallop: SCLP is a BEP20 token already available on Binance smart chain. SCLP will be moved to Scallop chain once chain devnet goes live
Q3: PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?
Raj Bagadi| CEO Scallop: Scallop Partners 👇
Modulr / Ledger / Visa / Binance Custody / Chainlink / Tell money and many more.
Q4: Do you have a video tutorial so we can learn more about your project? Do you have a YouTube channel or something? Can you share it with everyone?
Raj Bagadi| CEO Scallop: We have very good tutorials and learn articles to know more about how to use Scallop products and services ⬇️
Q5: PARTNERSHIP & COLLABORATIONS are the backbone in making every project more widespread. Can you list some of ur partners with us?
Raj Bagadi| CEO Scallop: Scallop token available in following exchanges
Official SCLP Contract Address(BSC/BEP-20): 0xF2c96E402c9199682d5dED26D3771c6B192c01af
DEX Listings: Pancakeswap
CEX Listings: BITMART / KUCOIN / MEXC / Lbank / Gate.io / SCLP/USDT / SCLP/ETH
Yommey | BitMart Exchange: Thank you very much for your responses to those questions. Do you have any further messages you would like to share before you go, sir?
Raj Bagadi| CEO Scallop: Scallop Accounts: Thank you Bitmart community members for an amazing AMA. It was a pleasure to take part today. I hope we see many of you in the near future! Also, Yommey, thank you for coordinating this event. Thank you to the Bitmart admin team.
The AMA session with Raj Bagadi from Scallop was a huge success, with all questions being answered to the satisfaction of the participants, making it a fulfilling experience.
