Introducing first Defi powered Bank

1. Introducing first Defi powered Bank Backdrop Public confidence in the banking system was shattered after the financial crisis of 2008. Within months, Bitcoin’s genesis block was mined and people could access a decentralised digital currency free of any central control, government regulation and inflation, dictated simply by supply and demand. Fast forward to today and the result of the COVID-19 crisis has seen the biggest global recession since WWII,

2. already double the economic impact of the 2008 credit crisis and still playing out. Over the last year, in the face of the largest monetary binge in history, decentralised finance (DeFi) has taken off. DeFi recreates traditional financial products and services upon blockchain-based ledgers, without relying on central financial intermediaries such as brokerages, exchanges, or banks and instead leverages smart contracts. The total value locked (TVL) in DeFi platforms has skyrocketed from less than $1bn in the first half of last year to over $86bn today (10th May ‘21), and is just getting started. DeFi has opened the door to an entirely new financial system built from the bottom up and using tokens as a means to exchange value P2P. However, this transformation is young, traditional finance is slow to evolve and as a result, token economies are detached and isolated from existing systems. This barrier prevents people from moving

3. between crypto & fiat smoothly, hence DeFi’s potential and crypto adoption is being held back. Scallop: The Bridge Between Worlds For crypto users world over, one of the most frustrating things is how there’s a lack of interface with the rest of the world. For example, you can easily move and trade crypto to crypto between exchanges, DeFi protocols and your wallets, but trying to use crypto-assets in the real world is a painful experience. Say you want to do something simple, like buy some eggs. There’s no EGGS/ETH pair, and even if there was, it’d be a coin and not actual food! Crypto users are still forced to use the legal tender and have to convert their crypto back into fiat to make this purchase, a real problem given the current convoluted process; moving from any altcoins to ETH, ETH to CEX, transferring funds out to bank account, waiting for funds to settle, then buying eggs.

4. So people have to keep some money in crypto, and some money in their bank, with neither being fully effective. Having two separate systems requires a balance between maintaining the two, and any misjudgment costs time and money. Crypto users hope businesses will one day take crypto, but for the foreseeable future, they’ll be wanting fiat. Scallop is a DeFi enabled neo-bank that utilises blockchain at its core to provide a safe and secure solution to bridge the gap. The vision is to establish an ecosystem in which cryptocurrency users can use their digital assets freely without any of the obstacles that currently hinder their adoption and usage. Scallop’s solution works by converting any virtual currency into a fiat currency of their choice in a seamless manner. Why Scallop?

5. Scallop isn’t just another cryptocurrency-based service, it’s designed as a real solution to easily move between traditional and decentralised finance, promoting digital assets in mainstream use. Scallop ties your digital wallet with banking services to bridge cryptocurrency assets with fiat currencies in a single digital environment, allowing instant seamless transactions between accounts and cold/hot wallets. Scallop gives users a host of new and exciting ways to manage their crypto assets: Scallop Earn: Traditional banking middlemen extract a great deal of value with people earning close to 0% interest in their savings and checking accounts globally. Now anyone can deposit fiat and directly access high yields available from leading DeFi protocols like Compound, Aave, DyDx and so on, with increased security and less hassle.

6. Scallop NFTs: We can envisage a future where everything both digital and physical can or will be represented by NFTs. One transaction, no middlemen. Buy, sell and leverage NFTs through a built-in marketplace on the Scallop platform. Scallop Exchange: Users can buy, sell and trade cryptocurrencies directly from their bank account into a hot/cold wallet connected to Scallop. Directly exchange your DeFi tokens for fiat and for the first time, swap liquidity pool tokens for fiat & vice versa. Trade the hottest & newest coins in a click through a direct integration with Uniswap. Scallop Chain:

7. Scallop chain powers a suite of cross-chain financial applications in the Polkadot ecosystem by integrating banking APIs to Scallop chain smart contracts. This enables Institutional partners to directly work with Scallop and create secure custody services, interest-bearing saving accounts, debit cards, fiat gateways into crypto and more. Scallop Banking Suite Below are some distinct benefits that you get only by using the different Scallop offerings. Scallop Banking Accounts: Scallop accounts are the first of their kind that’ll allow you to deposit your DeFi tokens and spend them without worrying about having to withdraw the tokens from various DeFi protocols.

8. Users can set up a Personal or Business Bank Account without any credit checks by using cryptocurrencies. Instant KYC will allow users to open GBP/EUR bank accounts within minutes. Scallop Accounts are traditional bank accounts that can be used for daily activities such as receiving salaries, setting up direct debits, sending money, etc. Scallop Payments & Transfers: Personal users can make fiat and crypto payments by scanning a QR code. Business users can receive payments in fiat and crypto using a QR code. Users can also send and receive fiat currency to their friends and family living in other countries instantly using any cryptocurrency. Scallop Cards:

9. Scallop Cards are debit cards associated with a bank account that can be used for cash withdrawal or shopping worldwide. With a Scallop card you can spend your staked DeFi tokens without having to worry about unstake them and converting them into crypto and then into fiat, and then finally being able to spend them. Scallop Hardware Wallet: Scallop provides a secure hardware wallet that is used to store cryptocurrencies offline. Users can buy, sell and exchange cryptocurrencies directly from their hardware wallet into Scallop Bank Accounts. These wallets are a banking grade specification that is: 1. Made of EAL 5+ financial grade crypto chip which completely protects your private keys. 2. Equipped with Infineon CCL 6+ security, the highest-grade security issued for financial applications. Your crypto, your keys.

10. 3. Embedded with a self-destructing and key-erasing mechanism that protects your assets from any possibilities of hacking. Summary The entire Scallop team is excited to share more with the community over the coming months. Our mission is to empower users with the tools for the mainstream adoption of crypto and DeFi and accelerate the transition to a fairer financial system. By connecting DeFi with traditional banking services, Scallop makes it easy for anyone, anywhere to move between crypto and fiat with minimal friction. About Scallop Scallop is a DeFi enabled neo-bank that utilises blockchain at its core to provide a safe and secure solution to bridge the gap between traditional and decentralised financial systems.