### What is Scallop?

Scallop is a blockchain-powered ecosystem designed as a banking-as-a-service provider. It aims to streamline the management of both cryptocurrencies and fiat currencies through innovative products and services. The platform seeks to integrate traditional banking services with decentralised finance (DeFi) capabilities, making cryptocurrency as accessible as regular currency.

### How does Scallop work?

Scallop operates on the Scallop Chain, a blockchain that supports both EVM and WASM based smart contracts. It utilises a Proof-of-Stake (PoS) consensus mechanism, which is optimised for public permissioned use cases. Scallop also features the world's first regulated blockchain that integrates Know Your Customer (KYC) and Anti-Money Laundering (AML) checks at the protocol level. Every wallet on the Scallop Chain is linked to an IBAN and bank account, allowing seamless fiat-to-crypto and crypto-to-fiat services.

### What are the potential use cases for Scallop?

Scallop offers various use cases, including staking to open accounts and unlock benefits, paying transaction and exchange fees, receiving trading bonuses, and accessing Elite membership benefits. The platform's products such as Scallop Pay, Scallop Cards, and Scallop Exchange facilitate real-world applications in industries like banking and finance, e-commerce, and decentralised finance. Scallop is also engaged in notable partnerships that aim to bridge traditional finance with DeFi.

### What is the history of Scallop?

Scallop was founded in 2021 by Raj Bagadi, who has extensive experience in the finance sector. The platform was developed with the mission to bring digital assets into mainstream use and bridge the gap between crypto and traditional finance. Since its inception, Scallop has achieved significant milestones such as launching its banking app in Europe and listing SCLP on major cryptocurrency exchanges. Scallop has expanded its services and partnerships, positioning itself as a pioneering force in integrating traditional banking with decentralised finance.

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