SCALLOP’S COMMANDMENTS FOR A SAFE AND SECURE CRYPTO ECOSYSTEM.

Precious
3 min readDec 17, 2022

Scallop’s banking ecosystem offers products and solutions built on the powerful and fully regulated Scallop Chain. This is a regulated, low-fee banking blockchain. You can build your bank on Scallop Chain. The blockchain is a fast fault tolerance blockchain with a core KYC & AML module included in the consensus mechanism at the protocol level.

The Scallop team is passionate about serving their customers. However, this is not the best time to be in the crypto industry.
Recent spate of events(like the FTX's crash) have made users question the trust in the industry.

Scallop too stands firm on its principles of regulation, transparency, and security. To ensure the safety and security of our ecosystem, the team have put in place a three-point plan that all participants must follow. These stipulations are critical to keeping our ecosystem strong and protecting the interests of all users and partners.

  • Regulated Crypto Services: Scallop firmly believes that users come first. Since its inception, Scallop has believed that regulation is critical if the crypto industry is to survive and thrive. It is the world’s first licensed secured infrastructure providing a suite of banking products to empower millions of retail and business customers.
  • Protect Users’ Funds: Scallop has prioritized the protection of user funds whereby all user funds at Scallop are ring-fenced within our master corporate omnibus account and 100 per cent backed by the Binance custody solution.
  • Solid Technological Foundations: The reason for FTX’s collapse is that of the illegitimate use of client funds. The following steps ensure that we safeguard against such malpractices in Scallop transactions:
  1. The Scallop platform prevents malpractices by maintaining a book-entry ledger of client funds hypothecated against its master corporate omnibus account.
  2. This book-entry ledger keeps an auditable record of client funds as segregated claims against the omnibus account.
  3. To perform any transaction against the omnibus account, there’s a multi-signature authorization requirement, including two independent wallet key holders and a separate automated API key.
  4. The user can only initiate a transaction against their account through Scallop’s official application.
  • Eminent Partners: Scallop has teamed up with some of the biggest names in the financial industry to provide it’s users with the highest levels of security and convenience. Binance Custody’s Integrated Institutional Services will ensure that Scallop’s user funds are always safe and sound, while Modulr’s digital payment services will make it easier than ever to send and receive payments. And for those who want the ultimate in security, Ledger’s hardware wallets offer state-of-the-art protection for your Scallop account. With partners like these, you can rest assured that your Scallop experience will be second to none.

Conclusion

After the recent spate of events where trust in the industry has taken a huge battering, Scallop is committed to protecting the interests of its users.
With these 3-points, the will demonstrate to users that Scallop is able to offer the most secure and transparent service in the crypto space.

About Scallop Chain

Scallop chain is the world’s first licensed secured infrastructure providing a suite of banking products to empower millions of retail & business customers.

Visit us on Website | Linktree

--

--

Precious

Content Creator || Blockchain Ambassador || Public Speaker || Community Management. Reach out to me: ekerekepreciousimeh@gmail.com