Utilization of the $SCLP token for Banking services

2 min readAug 26, 2022

The world of traditional finance is full of opportunities for investors. But, the middleman must always take a cut. Also, by its very nature, traditional finance will always be subject to control by regulatory authorities.

Recently, Scallop Chain gained a full banking license to operate in Canada. This allows Scallop to provide payment cards, have regulated bank accounts, and other benefits associated with traditional finance.

This makes Scallop the first institution in the world to offer customers regulated DeFi-enabled bank accounts. Scallop Fintech solution uses Blockchain at its core giving users a safe and secure gateway to the world of cryptocurrencies.

Scallop also uses the Blockchain to offer users banking solutions that are secure and robust as the solutions currently employed by traditional banking services.

The Scallop Token.

Scallop Coin (SCLP) is a native BEP20 and ERC20 token of the Scallop platform that empowers the Scallop Ecosystem.

Some use cases of the token are:

  • It can be used to receive trading bonus payments.
  • You can stake SCLP to open accounts and access services.
  • It can be used for payment of transaction fees.
  • SCLP can also be used for exchange fees, transaction fees, and monthly management fees.

Since security on the Scallop platform is of maximum importance, the Scallop token contracts are insured by using one of the most prominent Crypto insurance providers.

The Scallop platform has also put in place measures to avoid users’ funds getting stolen and being hacked by adhering to the following security measures.

  1. Scallop offers users personal hardware wallets with EAL 6+ technology and bank-grade security to store, send and receive Crypto funds.
  2. Scallop also otters users’ software wallets where their funds are stored in cold wallets.

These cold storage are insured by their partners against loss of up to $100 million USD.

Looking for one secure platform to control all your financial assets — Crypto & Fiat? Check out the Scallop platform today!




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