Scallop's Banking App Launches on 29th November 2021 Across All 27 EU Countries

London, United Kingdom--(Newsfile Corp. - November 29, 2021) - Scallop's mobile banking application soft launches today, 29th November 2021, across all 27 countries in the European Union. The Scallop App will initially soft launch - with 4 of Scallop's 10 products; banking accounts, digital cryptocurrency wallets, fiat to crypto exchange and Ledger Hardware Wallet integration. The remaining 6 products - Scallop Debit Cards, Scallop Pay, Earn Accounts, Multi-Currency Wallets, NFT Marketplace, Scallop Chain - will be rolled out in the upcoming months by Q1 2022.

Scallop will provide banking accounts with full IBAN codes to residents of the 27 European Union countries. Users can make use of the accounts for daily activities such as receiving salaries, setting up direct debits and sending/receiving money to anyone, anywhere in the world.

Crypto-focused users can make use of the direct link between Scallop's banking accounts and Scallop's digital crypto wallet or Ledger manufactured hardware wallet for seamless exchange between fiat and crypto, and vice versa - thus removing the need for multiple intermediary third party platforms or exchanges. By expediting the process of crypto to fiat conversion, Scallop envisages to bring cryptocurrency adoption further mainstream, as it allows users to almost instantaneously access their digital funds and use them for daily transactions.

The app launch follows just one month after Scallop's token (SCLP) launch which successfully debuted in the first ever Initial Blockchain Offering (IBO). The SCLP token can be used to access various products, features and rewards within the Scallop App. For example, users can obtain exclusive Elite Membership by staking $2500/month of SCLP.

SCLP is also the gas fee for Scallop's own blockchain - Scallop Chain. Gas fees are paid by users who trade cryptocurrencies on the platform and use Scallop's in-built on/off ramp for fiat and cryptocurrency conversions. Institutions can pay management fees on the platform in SCLP too. Scallop Chain is scheduled to go live in Q2 2022, with the testnet launch rumoured to be out by the end of Q4 this year.

Raj Bagadi, Founder and CEO of Scallop, said:

" We've worked tremendously to reach this point and we're extremely excited to finally soft launch the Scallop App. This is an important step in our trajectory, as we aim to bring digital assets to mainstream use by providing the tools for adoption. The launch will offer European crypto users a far more efficient way to manage their digital assets and actually use them in the real world. We have already begun processes to onboard users to our innovative platform across all the countries in which we are going live."

About Scallop

Scallop is a one-stop solution for crypto and banking services. Scallop aims to bridge traditional and decentralized financial worlds and promote the general usage of digital assets by providing the tools for adoption.

Official Scallop Links

Website: https://www.scallopx.com/
Medium: https://medium.com/scallopx
Twitter: https://twitter.com/ScallopDefiBank
LinkedIn: https://www.linkedin.com/company/scallopx/
Telegram: https://t.me/Scallop_Official
ScallopLight: https://tinyurl.com/scallop-light

Media Contact:

Karampal Singh
Email: karampal.s@scallopx.com
Company: Scallop Group Limited

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105528