# Scallop AMA (17th Feb)

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## **Urvesh** <a href="#id-0867" id="id-0867"></a>

Hello everyone, Welcome to the Scallop AMA. The call is being recorded.

## RAJ <a href="#id-4b7e" id="id-4b7e"></a>

Definitely, Alright, Let me know guys if you have any trouble hearing me.

I have to start by saying that, sorry for delaying one hour, I’ve been travelling quite busy on the business integration side of it.

Let’s jump into the details. The Scallop App had extensive testing. Thanks to ambassadors, thanks to some external testers. We have got it in a very fantastic way. We pushed it to stores two days ago. Some people already picked it up in the stores.

I have seen the links. Android has been approved. The Ios manager has already been updated. Are we just waiting for the final go-ahead from the iOS store? I'm not sure how long it might take. It could be anytime in an hour or two or five hours, or it could be tomorrow, but It will be going live very, very soon. Once, you don’t have to do anything. Again, you know me very well. I’m a guy. When, when we are running Scallop, we run Scallop in a very transparent and very clear way. We don’t do any, we don’t give any space for any speculative things when we are launching, we are actually publicly launching a full Scallop app to enter Europe. Once you get it, you get notifications all over your right away

Force update. You just update, you got it. And a lot of marketing has been aligned. Some farmers, YouTubers, you call it, or Twitter people or the so-calledTiktokerst, they're already aligned but they will fire cannons from next week onwards. We will be pushing a bug tracking tool or a feedback tool as well tomorrow, which you can use to give your feedback or any kind of feedback you have to give us either UI or something. we will definitely resolve it. So we will keep it monitoring for the next two weeks. After two weeks there will be another build will be pushed again to the store with the feedback. We will make the necessary changes and again, we will push another build. So we'll keep pushing builds every two weeks from now onwards, which is all, just whatever the bugs or whatever the small, small things you are asking us to make, we will make them.

Yeah, let's go into the details. What exactly how, what exactly we are launching now to entire Europe? What services It will have? So to start with, Scallop is going live to everyone in Europe, apart from Switzerland. I have to be very clear on that one. And it is as a beta we are going, the reason why we mentioned beta is just for the namesake. We mentioned beta. Technically it is a full-fledged app. It is just because we have even, done extensive testing, I believe no one is perfect in the world. So I will still get some feedback. People might say, Raj, this button is not good. I like to have a bigger button. Oh, my phone, I got this weird wifi or Vivo or some China phone, Android, which doesn't really measure the aspect ratio of the app we want you to support for it.

So, these kinds of requests will come with, no, this is a very common thing that happens in any app. We will definitely look into them. We will resolve it. So that is where we put it as a beta. We will stay in Beta for a couple of weeks, maybe a month and a half to two months, and then we just remove the beta. That's it. So at the moment, we are just coming as a beta worldwide where anyone in Europe can download the app, provided that they submit the right documents. It's an AI, and it takes less than three minutes to get you an EU full-fledged account, which is a full-fledged Iban, which has faster payments and everything instant c p A, and you can create a virtual card right away. You can order a physical card right away which will be dispatched in Europe.

I think It will take around a week to two weeks depending on the locations. It will take a week to two weeks to receive in Europe, depending on which side of Europe you are, which country you are in, and which remote location you are in, it might take a while once you receive the card. Activation is very, very simple. You just enter the last four digits, it gets activated. You can use the card in any currency you want, anywhere in the world. You can travel around all across the world and you can use it. I've been travelling nearly all around the corners, and I've been using it for the last, for the last month and a half, two months spent so much on this.



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I mean, this works beautifully. It's so easy, it's so simple. The way it works is, you get a full-fledged EU account and along with it, you can issue all the cards to that account. You can issue unlimited virtual cards if you want, but you'll get only one physical account.

There is no limit to receiving crypto. You can convert that crypto into Fiat. Of course, the conversion of fiat to crypto, crypto to fiat, which is buying and selling, has a limit right now until analysts have enough capital to support more. And then you can convert instantly from any crypto U S D T. It can be B U S D, whatever it is to fiat into Euro straight. And then you can spend it wherever you want. So this is all enhanced. Whatever the app you have before, now it is fully enhanced, fast loading, and instant, you can get any transaction in 10 seconds here. That fast is now. Not just that, you might ask a question, Raj, is the card a crypto card? Is the card can be used?

I got a lot of these questions, so I want to explain a bit more detail to you guys on this so that, I mean, there are a lot of crypto people who don't understand this, how it works. The cards you're seeing, all these cards you are seeing in the world, they all are fiat. Yeah, none of the cards is linked to any crypto. The so-called crypto.com, whatever you call all these third-party partners, all are fiat. They just hide the bank account in the middle and then they just show you as a, as a way that crypto is converted into the fiat using this whatever it is. So every card in the world, guys, if anybody comes and tells you this card is a crypto card, don't believe in them.

No card in the world is a crypto card.

Everything is fiat. Now, coming to the question, we are very transparent. We say the truth, we don't lie. Scallop cards are always fiat cards, but, unlike crypto.com and other cards, we have a new future, which is called Auto Top Up. That means you can open your Scallop app in the EU section, in the EU account under the EU account on the right side, you can click on auto top up, what the auto top up mean? It will open a condition on the page. If the balance of my EU account goes less than let's say thousand euros, go and sell my 50,000 euro and top it up. That means you never ever run out of money. A simple example, which I said a lot of times is that you have 1 million U S D T in your crypto.com card. You are driving in Dubai, in the UAE somewhere you are in a desert, and your car broke down, you found a shop to repair it, but you have zero balance on your card, it's useless.

Crypto com cards are useless because you don't have the internet. You can't sell your crypto into the card, but Scallop automatically converts when your balance goes down and it always keeps you updated. Of course, provided that you're stable, go and have the money. So we are the world's first-ever banking system, which has auto top enabled, where It will automatically go and sell crypto and top-up your account, which always keeps your money topped up, so you can use it wherever you go. So there's a new feature which is enabled in the build, which is going live today to everyone in Europe. So that is, that is point number three as well, which we like to tell everybody, not just that. Now coming to the other point, as I mentioned, we have the cryptosystem banking system,

We are also bringing the first-ever full-fledged use case of the Scallop token. So you might ask Raj how this use case is gonna help. So for example, you have staked let us say 5,000 or 10,000 Scallop tokens or 200 Scallop tokens. So there is a range. We have, we have kept hundred to 5,000. You get a 5% discount, and for 5,000 to 20,000, you get a 10% discount. Above 20,000, you get like 20% discount on the fee which you are paying inside the app. The process is very clear, it's very smart and done in a very compliance manner where you go into your staking website, which is Scallopx.com, and you take a certain amount of Scallop tokens, if you already staked, you will start seeing from, once the app goes live and everything in the stores, you will see in the staking site on the left side claim reward link, you click on it, It will ask you to enter your Scallop app username.



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Once you enter the username, It will send you a verification code to your email. You take the verification code, you paste it into your staking site, It will verify you are the owner, and then you'll auto-create a link, which you take the link to, which is a discount link. Take the link, copy the link, and go to your Scallop app. In settings and profile, in settings, there is an option called claim discount link. You click on it and then you paste the link over there. It will automatically apply a discount on your fee. So instead of paying a 1.5% fee, now for example, if you stake over 10,000, you got a 10% discount. That means now you're paying only 1.35%. So you have a real use case of holding Scallop right now while using the Scallop app. And not just these guys, there is something new also coming down the line.

We are also launching something called a bad system, which will be coming, which I will explain more in detail in the coming AMA. But this use case has also been implemented in this bill right now. So Scallop app overall, a full launch of the Scallop app to entire Europe is going live very soon, once apple Store approves it. And then you will have a, you can stay Scallop, you can use the Scallop tokens to use it here, and then and then you can get discounted as well. You can order the cards. Cards will be dispatched to you right away. You can receive as much of the crypto you want into your Scallop wallets and where you can convert itself and then top it up your Euro accounts where you can, and you can use the money in the realtime use for buying coffee, paying for food or buying clothes, whatever it is.

So, you can download it, and use it. It will be worldwide. We have some more news coming very, very soon. A lot of growth has happened. I've been travelling around. We secured some major, major licenses, which puts Scallop as one of the very, very few companies. In fact, Binance doesn't have it as well, which I've been saying for the last two weeks and has been finally confirmed. So there are a lot of signings and press. A lot will be coming out slowly, but it all has to do with compliance guys. And I know I might be saying quite a few things, but there is something very, very important. I want to be a valued family member to everybody. I always warn in every way. But it's up to you guys to take it or not to take it in the same way my job is to tell.

So things will go in a very different way. Staking will be regulated at some point in time. I say in one year. So we are also getting regulations sorted for it. So Scallop has a very good amount of, a lot of people ask Miraj why you have allocated such a large portion of Scallop tokens in tokenomics for staking because you can't go and promise to the community. I'm gonna give 200%, or 50% when you don't have enough tokens allocated for it. It is, it's another FTX gonna be. It's like that is why people are going after staking right now, and that will be coming as well. So my request to everybody is don't trust in staking over 20%. Again, the rest is your own decision. That is something. So regulation's gonna be coming in and stable coins will be taking a big hit eventually It will be coming into e-money tokens.

We already have e-money tokens in front of the so-called biggest stablecoins and the biggest crypto exchanges in the world. They all know about it. They are thinking about it. Yeah, they're looking at it, but regulations are moving in a very, very favoured way of Scallop. A lot of people, a lot of politicians, a lot of big people know us. They're asking us how it works and everything, how you can guarantee that the funds and the banks are linked to the system and everything. A lot of things are going on, but things are moving in a very, very good direction for Scallop. And regarding the charges and fees, that's another question.

Some people ask me what are the charges for B2B. What are the charges for the b2c? What I will do is, I'll quickly share my screen So what you're seeing is B2B pricing. Yeah, so this will give you a very clear understanding of why Scallop Token also plays a very, very major role. So we have a setup fee for every business. So not just that, I mean you might say, Raj, we are a community while you are talking or explaining to us about businesses because we have a referral fee of 200 Euros for people who refer a business to Scallop. And as long as the business is with Scallop and paying the Scallop fee, you receive 200 euros every month, which means you introduce 10 companies to Scallop earning 2000 euros every month.

Guys, that's your earnings every month. So we charge 799 euro per month if the company transaction turnover is less than 5 million, and if, if they are over 5 million, we charge only 499, and whoever is referring, they'll get 199 from Scallop every month. They own Scallop. And all these businesses will be issuing their clients as well. Scallop accounts. Yeah, we will provide services very soon. That means you can partner with Scallop and then you can issue your clients, your own bank accounts as well. And we will be opening custody services as well. Now that means if you are an OTC dealer, you have a hundred companies, so you can issue a wallet to each client as well. Under Scallop. You can keep your client funds with Scallop where there are Scallop funds or software, already incoming transactions are free, but for the ongoing transactions, there is 0.05%, which is minimum zero point Euro as per the European basic system, a remittance based on the amount and 0.75.

and FX margin is 0.3 for businesses where they can convert euros and to any other 50-plus currencies, which Scallop will provide to them very soon if they're buying and selling crypto OTC dealers. Liquidity provider's crypto exchange is flat at 0.15% if they don't stake in their Scallop tokens. But if the stake in Scallop tokens is 100 K, we will charge 0.1% to them. Well, if they're doing buying and selling, depending on the transaction, if they're doing less than 100k each transaction, It will be 0.75% plus five euros. But if they stake 100 k Scallop, It will be 0.5% plus five euros. If they do over a hundred K, that number again, changes accordingly. So this is like the charges and the limits that are no incoming outgoing limits because that business and then POS are likely different.

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with respect to personal, everybody knows it's 1.5% for basic, it is 1% and buys and sells. So five euros right now in beta, its minimum five euro max per day is 5,000 Euros exchange network minimum, whatever the network charges, minimum electron charge one Tron. 10,000, they can do a maximum per day incoming Crypto unlimited. There is nothing ongoing. Crypto. We charge network minimum again, and 100K U S D is ongoing crypto right now from your account. But again, It will be lifted off ongoing. Also. We will be removing very reason soon. POS and atm, which you already mentioned in the group before POS is 10K per day and ATM is 300 euros per month. Then of course we charge 5%, so charge extra for withdrawal.

And the same thing goes for Elite 20,000 and 50,000. And then also ongoing crypto is 250,000 and POS is 25K and ATM withdrawals are 500 euros. And then we charge 3% down the line, which I will change here. Yeah, so these are the charges. Also, we are charging accordingly. And so yeah that's, that's pretty much everything guys, which I want to keep you posted. Again app-wise, as I mentioned, we are just waiting for the final approval from the iOS store. And once it goes live you don't have to do anything. You will see the app store force update notifications in your app, which will automatically ask you to update and then you, you get straight into the system once you go get an account. Guys, get some cash and try some fx.

The first thing I request for everybody is to order virtual cards and physical cards. And the reason why I'm saying is we are launching a kind of it's not an ambassador program, but it's kind of a, a fan program we are launching very soon where you, you purchase, use Scallop card, you purchase card, you take a picture of it, put it in the social networks, you show it around, and then you earn some Scallop back or, we'll give some cash backs to you as well. So there's a lot coming in down the line. Fan programs also we are launching there a lot of marketing coming down the line as well. and I'll open the floor for any questions right now.

### Urvesh:

Thanks for sharing all the updates. Can you check your dm? I have a few questions for you.

### Question:

alright, so question number one, is there any update on the whitelist?

### RAJ

I already updated the transaction done where the Scallop app will be recorded on the Scallop chain. No. so guys, we just spoke only about the Scallop app. The Scallop chain is still in the Testnet phase, which you already know. Audits going on in it and a lot of, a lot of things we closed full, that Kop system implementation. I'll give you updates as well. And also I'd like to talk about the node. That's something very important. A 100 K minimum is the node requirement and we will be doing K Y B and we will be doing K Y C on the users. There are a lot of questions: who will get the first option?

I will repeat it once again. We will, again, ask a lot of questions about how the Scallop will know who it is and everything. So we will open the floor very soon once we move to DevNet. Let me explain what DevNet is. So DevNet is, is actually a mainnet, but only a few selected people will be allowed to use it and there will be restrictions in the DevNet. It is kind of a beta main net because It will be under constant monitoring to make sure that the banking system and the security systems are all working fine and everything once goes well. And then, we will move to the main net side of it. I mean, we just simply rename the DevNet to the main net. That's what we will be doing. Yeah, that's number one. And, coming to how the node thing will work we will know, of course, that, we will open a floor and then we will send a form asking for people to confirm their wallets.

Before you submit the form, you have to consolidate all your tokens into one wallet and then you have to paste that wallet address. Yeah, that's how It will put you on the holder's list as one of the top people. Let's say you stake your amount, you just have to give us the address, which you used for staking. Or if you have two or three addresses, we will have the option to paste all of them. And then we will consolidate everything. The first option will be, four years, which is 75% APR people and the normal four years. And then normal people, we will go accordingly in that and then normal holders and everything. And then accordingly, if they pass, because very few, because there's, the way we do the scrutiny is very hard. Let me be very honest. No room for error, hear no sympathy, no friendship, no brotherhood, and very strict policies and regulations.

People might say, it is a blockchain, it is crypto decentralized, no in Scallop, no sympathy to anybody. We need full checks, and full clear-cut checks once they follow you are welcome. If you don't follow, you're more than welcome to leave Scallop and go. We Scallop will be following all the regulations, and all the compliance. We work, we work with all the regulators and we work with the government. That's how we like to work. And we will expand all over the world as well very soon. So that is how we will make sure. And if don't want to give your name, if you don't want to give your details, I am openly saying it right now. Please don't even think of applying note because applying for a note, one of the very, very difficult tasks will be in Scallop very soon.

People will say, are you a node runner of Scallop? That means you hold a black card of m Xia thinking that way. So we'll release more details. I already told you enough right now down the line we will give more and more details as well. Yeah, that is num that is for the chain site.

### Question:

Will it be possible in the future to get MasterCard?

### Raj:

Yes, MasterCard is in talks with us and I think maybe at some point in time we will issue some MasterCard as well, but in Europe, It will be a visa. We will be doing MasterCard. with B2B side onboarding business with average of 1 million users. I know the business itself had to take 100 K tokens to get the better rate, but are there any benefits to the token other than a hundred k stake?

Yeah, they can pay the fee as well in Scallop tokens. There are a lot of ways of doing it. If they stake Scallop tokens, they will get a discount code and which, in turn, they can pay in Scallop tokens as well. There are a lot of use cases for it. And can I have a scholar's physical card from Switzerland? Unfortunately, we are not yet opening to Switzerland just because of the strict compliance regulations which we have to follow. But we are, we are hoping to open Switzerland along with the global users. After a new use case of the Scallop token, it will be possible to make a full list of how the token will be used. We don't have to make a separate list for it. One of the mods can give you the list.

It's already been circulating all over, all across or mods will be more than happy to help you to give all the use cases of Scallop tokens in a message.

### Question:

Timeframe for Scallop to be fully operational. We are operational?

### Raj:

we're fully operational. We open the door. Now look, it's like a grocery store.

We are open. What we have, we are selling. If we come and ask for a product which we don't have, maybe in the future we will add it. We are open, we're fully operational with what we have, and you can come and buy from us.

### Question:

What's the lowest the APR will go for the four years staking pull? Is there a set percentage that will go to any lower form? It can go 0.1%,

### Raj:

Let me be very honest. But I can't guarantee you what it is, what it can be. It can be an asset, but realistically when more people stake the price will go down. I can't say anything more than that. You can, but you can do some calculations. The total number of circulation supplies is around 50 million right now. And certain 0.5 million tokens are already staked.

So we have over 42.5 million tokens. what happens if all the 42.5 million are staked you can do a rough calculation, and then you will know the answer.

### Question:

What region is Scallop considered?

### Raj:

Okay. To the question, the answer is we can't say what is the lowest can. It can be anything. What region is Scallop considering extending the next, when they are stable in the EU? We are aiming to go global. We have a lot of news waiting to go global, but there are a lot of details to be legally approved when we talk about it. But we'll make all the announcements at some point in time.

### Question:

Can you give us a visual demo of how to register on this Scallop app for EU citizens? I love to, but I'm not an EU citizen.

### Raj:

I'm British. I'm British. I can't open an account, to be honest. I don't have my own Scallop account fully. So the demo and again, we can't recommend anybody to do any demo of onboarding anywhere because it has a lot of sensitive data, so I don't recommend anybody to do it. If anybody from the community likes to do it, please, please be careful of the way you are doing it because a lot of information is very sensitive and can be exposed. I request all of you mask it off. But it takes only less than three minutes. It's as simple as opening an account in revenue, otherwise. It's very simple, and straightforward.

### Question:

Can Scallop help Binance's currently less than a hundred million banking issue?

### Raj:

Not denying anything on this point.

### Question:

Why not add a price alert option on a Scallop exchange app?

### Raj:

We will take, definitely, we will take this point as very good feedback and then we will check with our technical team. I will, we will pass it to the exchange team to, look into it and, and do it. Definitely. We'll look into it. Thanks for the solution.

