The growth of cryptocurrencies has opened up new financial opportunities but has also presented unique challenges. Conventional banking services are robust and secure but must match the speed, flexibility and low cost of cryptocurrencies. Scallopx aims to bridge the gap between traditional finance and the world of cryptocurrencies, providing a secure and user-friendly gateway to the latter.
The widespread use of cryptocurrencies is hindered by various obstacles, such as the difficulty of using them in everyday transactions, the complexity of the Defi ecosystem, the lack of regulation and security, and the friction and cost associated with moving between fiat and Defi environments. Scallopx was founded to tackle these challenges and make cryptocurrencies more accessible to everyone.
Scallopx uses blockchain technology at its core, providing users with a secure and reliable way to access cryptocurrency. The solution is designed to be user-friendly, emphasizes security, and provides users with all the tools they need to invest in cryptocurrencies. The company has also agreed with an Electronic Money Institution to apply for FCA authorization to deal as an Electronic Money Derivative in the UK. It holds a Crypto license from Estonia and a banking license from Lithuania to provide services across the EU. Furthermore, Scallopx recently gained a full banking license to operate in Canada, allowing it to offer customers regulated Defi-enabled bank accounts.
With this POC, Scallopx managed to raise a $2.5m Seed Funding Round Led By Blackedge Capital.
DeFi Neo-banking App Scallop is set to Close Its $2.5m Seed Funding Round Led By Blackedge Capital