# Scallop AMA (Jan 26th, 2023)

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### RAJ: <a href="#id-04b1" id="id-04b1"></a>

Welcome to another session of AMA with me. Well, we have some exciting things going on at Scallop. I will take you through a couple of them, and then I will answer some of the community questions that have already been asked through moderators, which I will answer through a couple of them, and then I will answer some of the community questions that have already been asked through moderators, which I will answer. And then I will take the live questions over here.

## UPDATES: <a href="#bde6" id="bde6"></a>

* So we completed the majority of the testing part of the banking app to go live for everybody in Europe.
* There are some minor changes that are needed in terms of the UI and a couple of enhancements in the application that will make the wallets and the market orders much quicker and more efficient. and then we will be working on a couple more deployments.
* And we’re aiming — well, not aiming, but it’s definitely confirmed for February Second week is the date. We will be opening the banking app for everybody in Europe. And we have another surprise announcement that will be coming after that, in which we will be opening up to one more jurisdiction as well.
* So, in addition to enabling banking apps for users throughout Europe, we have also increased the limits. Every user can now buy and sell 2,000 euros. Now they can do 10,000, and then we will be increasing it to, into much more detail, like more amounts and they can do more transactions as well.
* We will be launching the best use case for scallop tokens in the scallop ecosystem in 4th week of February.
* I’m pleased to report that we have obtained additional licenses in additional jurisdictions — a fantastic start to the year with strong interest from large corporations.
* And also, we are opening up B2B as well. We have onboarded, as I mentioned last time, three companies. And we have six more in the works, about which I will provide more information later.

But these services are slightly different. B2B services differ slightly from B2C services. B2C is very much like retail. As an example, as a user using Binance services, your exchange fee and everything else is different compared to a business doing much higher volumes, where they will have different levels. So businesses doing millions of dollars worth of volume will have much better rates. And not just that, businesses have special access to FX and remittance services as well. Scallop is thus opening its services not only to crypto-based projects or businesses, but also to non-crypto-based projects or businesses such as shipping or, you know, import and export businesses. So all these people need different kinds of business accounts that have the ability to move funds around assets and remit money as well.



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And it happened to be that if they are crypto as well, then they can access Scallop services. So we are opening it to more people. And these services will include more advanced features, such as the ability to convert $100,000 USD into EUR. That is, we are bringing services to OTC dealers on or off ramps. We are generally OTC dealers in Dubai and other places. Even in Asia — let’s say China, Hong Kong, Korea; Japan; or even India — it usually takes a couple of hours. It varies, but it is usually 24 hours. It can take up to ten hours in some places. But Scallop is actually working with quite a lot of OTC deal dealers from Dubai, where scallop is settling them in 30 minutes and they are providing their services to them.

So in a couple of months — three to four months — if you’re using an OTC dealer from Dubai or some other place, it’s pretty much guaranteed they’re using Scallop services in the back-end. So we have increased a tremendous amount of liquidity with respect to the euro. And I’m very proud to say that there are only two institutional liquidity providers available in the market right now, which are Craig and Bitfinex. I’m not sure how many of you know that Binance doesn’t provide liquidity to institutions, and we are one of those Guinea pig companies. When I said “guinea pig,” I meant that there is always a special relationship there that we will be utilizing. And scallop will be providing this euro liquidity to institutions where they can get how much they want, how many millions they want in euros in 30 to 45 minutes.

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So in a couple of months — three to four months — if you’re using an OTC dealer from Dubai or some other place, it’s pretty much guaranteed they’re using Scallop services in the backend. So we have increased a tremendous amount of liquidity with respect to the euro. And I’m very proud to say that there are only two institutional liquidity providers available in the market right now, which are Craig and Bitfinex. I’m not sure how many of you know that Binance doesn’t provide liquidity to institutions, and we are one of those Guinea pig companies. When I said “guinea pig,” I meant that there is always a special relationship there that we will be utilizing. And scallop will be providing this euro liquidity to institutions where they can get how much they want, how many millions they want in euros in 30 to 45 minutes.

It works similarly to a metamask in that when you convert 250,000 USDT to Euros, a timer begins counting down that amount for 30 minutes. If it happens before that, it will say, “Congratulations!” “You have your money in your account right away.” And not just that, you can convert that 250 K into Singapore dollars, Hong Kong dollars, South African dollars, Australian dollars, New Zealand dollars, or whatever it is. And then we can send pin dealers who can settle funds for their clients all over the world, anywhere in their local currencies as well, which is the first of its kind, which is what Scallop is providing, and which is where we are strong in banking. And then that’s what we are leveraging it for on crypto. So you might say, “Raj, you’re telling all these things to us.”

We are retail, but we need to understand that these retail people — you might be using their services, which you might not know — but pretty much the scallop is, as I say, not evolving anymore. We have already evolved into something where businesses can access enhanced deep liquidity with faster payments and remittances to a full-fledged bank account, crypto stored through Binance custody, and instant liquidity as well through Binance and other partners we have in the Scallop ecosystem. So that’s what we’ve done, and starting in February, we’ll be offering secondary conversions to everyone, including white-label services to retail users in Europe and businesses. So if anyone knows very good businesses or OTC dealers or liquidity providers who want to access fee services or banking services, please refer them.



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We have a referral fee as well, which will pay two people who refer businesses, which is quite a good amount of money as well. which could be a very good monthly income for you. We pay a monthly percentage of the money your referral company makes. As a result, that is a very good source of income for people. And, once again, if these companies have a hundred thousand, they should have a hundred thousand scale tokens in order to access enhanced or advanced faster ways of liquid liquidity, or to get faster liquidity instantly at much better rates, discounted exchange rates from fiat to crypto, and crypto to fiat. They must be able to hold a hundred thousand. I mean, it’s not necessary; they don’t have to hold 100K, but that will make them initiate transactions plus the transaction charge are high for companies doing millions of transactions, and 100K SCLP is not much for them.

That was the feedback we received. So that is kind of how we fully tailored it. That’s number one. Number two, there is a question that a lot of people are asking me, and it is a very good question. During our last meeting, one of our family members mentioned that there is no use case for Scallop in the existing Scallop app that has been resolved. On February 4th week, when a new build is pushed, there will be a surprise announcement. Please stay tuned for that. I don’t want to spoil it by telling it right now. So there will be a use case, but it will not be about the scallop token in the scallop app; rather, it will be about the scallop token and the scallop app. I don’t want to give hope to any speculations because a lot of people are trying to speculate and then make use of, you know, the situation if you don’t want to.

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So, a very, very good use case is coming. And there is some news, such as new features that will be launched very soon. It’s all related to regulations. It’s all related to how we can get things much better based on identity-based systems, which are already provided by Scallop, like trade scoring, which we all discussed last year. They are now becoming a reality one by one. To begin with, it is a kind of future share that will be coming around the web in the second week. So, as I was saying, we are no longer those projects that you see every day in the market that are open source, forked projects called DEFI or farming, whatever it is. You all have to be very, very proud of being part of the Scallop family, where we are the real people doing real things, creating real products, and especially not simple things like issuing bank accounts, providing real services to businesses and institutions, and issuing real products like real Scallop cards and everything else.\
You know, we’re the real product creators in the market, guys. We are one of the few products on the market that have fulfilled all of our fundamentals, created our products, and brought them to market. So it is a proud moment for every Scallopian to say that, unlike other bogus crypto projects that claim to be farming, lending, or whatever with open-source code, we are not one of them. So I’m saying that very proudly because I’m very proud of the entire team that accomplished this. And of course, without your support, we won’t be able to make it at all. So, in the second week of February, we will lift whitelisting, and then we will go live across Europe. There is another announcement coming, which is a surprise and open to another jurisdiction.

We will be launching the best use case for scallop tokens in the scallop ecosystem on February 4th week, as you will see, and many more announcements will follow. Again, I’m pleased to report that we have obtained additional licenses in additional jurisdictions — a fantastic start to the year with strong interest from large corporations. And when they saw the demo I showed you guys in the call, the same demo I showed to some of the big people — I won’t name them the so-called big giants — they kept their mouths open because of the instant delivery of crypto to cash and cash to crypto in their wallets instantly, plus FX remittance with bank account services, which are not even available anywhere. So, you know, we did it, and then we are now rolling it out slowly, one by one.

And then, if you know any of your side partners or anyone else, you know, we’re open to business. We only focus on B2B so that we can expand into a larger market. And then very, very soon, we will be going worldwide as well at some point in time. So these are some quick updates from my side, and I will take the questions that the community has already forwarded to me. I’ll go through them one by one, and then, of course, I’ll check your questions as well. Yeah.

## Community Questions <a href="#id-66fd" id="id-66fd"></a>

### “How is Scallop financially doing?” “Any update on Series A?”

I have to say, We’re in a fantastic position, Series A is going really well. I mean, Scallop is capable of more than just sustaining ourselves. Actually, we sustained several; I mean, we supported several people as well. I believe that the market will be quite bad in a few months, but I must say that in comparison to the market and how others are doing, we are far better off because we have a real product, a real use case, and a real market need for the product. That’s why I’m very proud to say that. So in a couple of months we will be making some official announcements because that will close off the whole process, whatever we are going through, and then at that time, I will release all the details. Until that time, I don’t want to give any details. When do you expect to onboard the first B2B guys? We already onboarded the first B2B, which is the Alpha System, which is a liquidity provider based in Hong Kong that provides services to a lot of people. Now they are using scallop U R and G B P Deep Liquidity services to provide it to their clients. We have one more client from Dubai accessing our services. It’s in an OTC dealer, OnRamp Off Ramper, and a couple of other people are joining us. And there are seven more people in the pipeline. They submitted the documents, but the document onboarding will take time because we will request a lot of documents from them because crypto is high-risk. So we have a lot of documents to ask for; it’ll take a little while.

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### What business model, with what business model will this impact? SCLP price?

As I previously stated, I do not discuss SCLP pricing, but I can discuss SCLP adoption.Yeah. You can then correlate it with it.\
So regarding SLCP adoption, businesses have two types of choices. Yeah. They have the option to stake 100,000 scallop tokens and gain access to 0.75 percent of the fee without staking 100,000. If they stake 100K scallop tokens, their fee goes straight down to 0.4% of the price of buying and selling directly. And it is instant; they will get the money right away, and it can be up to a million, 5 million, or 10 million. We have the capacity to settle 10 million per day right now at this point in time, and we can settle up to 250 million in a month. So we are open, we are open, guys; we’re opening the doors for businesses. Come on. We are happy to exchange whatever it is — a hundred million or even a month. We have a 0.1% overall ratio; if we take it, that’s 1 million.\
I mean a 100k, which is like a lot of things. I mean, a hundred million is quite easy. A lot of people do it in a very, very quick way, but I’m just giving an example to you guys. Yeah. So that’s one thing. So you can understand the reasoning behind what will happen. The next step is to move all of this onto a scallop chain. So much progress has been made. We are, and we will be releasing the internal audit very, very soon. That is final drafting. It is pending over there. As I mentioned last month, we discovered some bugs that were recommended in the audit, which we fixed, but we also improved the overall system with the ZK rollups.

I mean, I have to tell you guys, we successfully implemented ZK rollups in the chain. I’ll take a few more minutes and give you a bit more information on this one. Yeah. When you ask a friend to send you money in banking, you simply give them your account number, sort code, or IBAN number, and they will send the money. It has never been shown in the public domain anywhere. And it is a must; as per the banking law, it has to be done. But now scallop is a bank on a chain. When you have e-money tokens, because your IBAN consists of e-money tokens, when you send the e-money token to somebody, so that it’s actually open, everybody will know how much money you have in your balance.\
So because we have to follow the banking laws and because we will be very soon becoming a bank, we have to implement ZK rolls for the banking side of it, which means people won’t be seeing euros. If somebody sees your wallet in scallop, they will see every other asset except the e-money tokens. But when you send a hundred e-money tokens of euros to your friend, you’ll see the transaction on the chain, but you won’t see the amount. So the confirmation has to be in the Scallop app. There is an option to download or receive, which you can do, and then you can send it to them as well. So we implemented full ZK rolls up the chain, and that particular audit is the only one that remains to be completed.\
And once it is finished, we will revisit and make sure the biometric bridge audit is also done. So we’ll be reducing those details as well, so it’s going step by step very carefully. We are doing all the checks and everything to make sure that we are implementing it in the best way. And again, one of the things I will tell you is that the biometric bridge is causing a big stir in the market, especially on the executive side of all the so-called big chains; of the eight big chains, four saw the demo of the biometric bridge. They’re like, “This is one of the groundbreaking technology. Like, you can’t use the bridge or move the funds off of a blockchain without showing the face shields, which means 99.9%. It will stop all the hacks or scams, whatever is happening.\
And, once all of the services are available, a lot of things will happen; obviously, adoption will occur, and the chain will be in place. A scallop token is something everybody has to use. Because of the losses over the next year and a half, I think a billion dollars’ worth of money has been lost through not only bridges but also the blockchain side of the hacks and everything else. As a result, much of the weight can be avoided. So the adoption will come, but I don’t promise overnight. And scallop is not a meme-coin. I’ve said it a lot of times, and I can’t make everyone happy in the market. So, if you’re looking for a quick buck, I humbly request that you not work with Scallop, but rather with some of the projects.

We’re going with a firm vision, which may take some time, but we’ll deliver it with the utmost care and in a very proper regulatory manner, so that the only way for scallop to go up is up, and nobody can stop us. Adoption will undoubtedly occur because the right products are required, not just any product or some random faulty product, such as, you know, some farming thing, and you fork it. No, it has to be unique. The only one in the market. That is when you will be adopted. And that’s why we made scallop, and that’s why every scallop product is unique.

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### Name one of the businesses that has been onboarded?

As previously stated, Alpha is one of the companies that has successfully joined the board, and we have another on the way, which I will announce very soon.

### What are the computing requirements for running a node here?

At the moment, I believe 16 gigabytes and one terabyte of hard disc space are required. And I believe it is eight core .I think it is needed. Any AWS good server will do because we are running on Cosmos and a moss. But I will give you a firm, we will release an article on this one very soon.

### It seems that the number of orders is not growing and the volume of scallop trade is very low. Can you give us a peace of mind and more insights in how and when this will change?

Guys, If I could change it, I would’ve gone ahead and changed it, right? I would’ve changed the price as well. I would’ve changed everything. We are not here to manipulate the market. We are not FTX; we are not Luna; we are not anybody. We never ever do that. Yeah, we never ever do that. We never crossed the lines of the rules and regulations. So what we do is release the products in the market; their options will come. Marketing, we are doing, as you have seen, it is going on slow. It is picking up. That will be done accordingly. And we do product-based marketing. Again, I’m looking for people who believe in Scallop. So, and of course, I respect everyone’s tradition, so it’s nothing like that. However, it is always beneficial to be with people who believe in something; if you do not believe, there is no point in staying.

### Can you tell me how big the team is based on the headcount? Are you going to hire and grow the team?

We currently have 44 employees in the company And it includes all the team members in compliance, marketing, regulatory, and also technology-based systems as well. Are you going to hire and grow the team? Not at the moment. Right now, as I mentioned, we are very, very careful. Probably after closing the raise, we will increase the team a bit more, which is very important with respect to the business development team, because we need to attract more business targets to acquire. I mean, the target is to onboard 100 businesses with at least 1 million users in each of them. That should give us direct access to roughly a hundred million users. with active users of at least 10 million. It’s always 10% for the active user ratio. and 10 million active users with will easily bring hundred million volume a day easily. That is the goal we have set for the end of the year. Yeah. And this should propel scallop to a large-scale revenue model.

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### Is there a different team working on the banking app?

Actually, yes. It’s a good question. So a scallop is a group. Yeah. Scallop is a holding company. Ireland is the headquarters of Scallop. In addition, Scallop has two operational headquarters. One is based in Europe. The other operational headquarters is in Dubai. Well, within the Scallop Holdings Group, which is a larger group, there are 14 companies located in 14 countries, plus Scallop offices in seven locations worldwide. Yeah, we are a huge company. We are not some random, small, or, as I said, crypto typical company. No, you have to compare scallop to something like a banking system. The scallop is divided inside into four main groups. One is banking; the banking side of it has its own kind of head of department, head of technology, head of compliance, and everything else. We have the crypto, which is handled by a separate team.It has its own head as well as everyone else.And we have the exchange, which is completely separate. And then we have a blockchain, which is completely separate. Wherever interoperability is needed, the team will communicate with the respective teams and then move things in and out. So it is very, very well structured, and all these departmental heads will report directly to the executive, and then we have the board, and then we have everything at the top. Yeah. So it’s a fully organised company. That is why we can raise equity.

## Community Live Questions <a href="#a122" id="a122"></a>

### So I have a question, actually, can the scallop team make a buyback? The second question is about expansions. Aquestion in regards to expansion in Ukraine. And the third question is security. Raj, you know that repo xrp, had big trouble with the system United States. Is it any option that this scallop will have the same problem as XRP?

Okay, great. Great. Thank you. So the first question is, “Buyback?” We do, in fact, we did some, which we announced depending on the market, the products, and everything, and we are doing buybacks at various stages. which we won’t be, because it’s like small portions. We are doing it, but we aren’t doing it with respect to tokenomics. Tokens will be released as per tokenomics. You need to understand this one thing: by delaying something for some time, you are making things worse. It is not going to help you because it’s a ticking bomb waiting to be explored. Maybe, if not now or later. Now, the question is, LAN, and I’m asking it in a roundabout way: do you want the bomb to tick or explode when there are no people, or do you want the bomb to explode when there are hundreds of thousands of people after some time when we have more products? When you have more used products on the market, that’s when you unload?

You are literally helping the investor, you know, to leave those tokens on the market, which I don’t want at all. And, if you look at the scallop tokenomics, they are done in such a way that everyone will be out in a year. As per tokenomics, we are releasing everything. To be honest, I want the 100 million circulation supply to reach 100 million as soon as possible. Then there is no question of asking when it’ll be because it’s already fully on the market. And then, you know, the only thing that is happening is adoption — more people using it because the limit is no longer be increased. So that’s it. Reach the limit. And then now it’s all about: what’s the next step? Token prices will obviously begin to rise because there are no more tokens available in the market.\
So that is what we need. It’s all about tokenomics. It’s not just about the price or just about the adoption, which I don’t really talk about in terms of the price but I’m talking about the adoption way in terms of the implementation. I’m very clear on the way we will do it, because that is what I have been saying in many AMAs, and that is what tokenomics says it has. We are very, very aggressive, and still, we did fantastically. We won’t be encouraging delaying in tokenomics at all, which I’m completely against. Question number two, Ukraine: To be honest, my heart goes to the people I want to support, and we assist. We have donated 50 K to Ukraine support and everything. We would like to help Ukraine, but unfortunately, we are waiting for Ukraine to join Europe so that we can provide services to Ukraine right away.\
However, once we have access to international banking services, we will undoubtedly provide services to Ukraine. Yeah, that’s the first thing. So we will, and we’ll definitely be looking forward to it. Actually. We have limits. We are limited in what we can and cannot do. Unfortunately, because of the jurisdiction, the system not letting us provide services in Ukraine. That was the only reason. Xrp. Excellent question. And you know, this is why I said in two AMAs before: do you believe in audits? I don’t personally. Every project was audited by the big people protocol; the big top people charging 200, 300, and 500 K were hacked and lost millions. I don’t believe in audits. So we, of course, do audits; we have to because that’s what the system requires.

But we do a lot of testing internally. We run checks over and over again. And then we have our own ambassadors, our own people. They check, they check, they check, and they give feedback. That is why people wonder, “Why do you keep whitelists for so long?” Again, it’s all about testing, testing, and more testing, and once we’re there, we might find some minor issues, but the result of issues would be very little product on the market very quickly without testing. So we’re doing as much as we can. And, as I’ve previously stated, whatever I do as a project creator, I always make up my mind. In every project, we consider, you know, preparing ourselves for the worst-case scenario. The worst-case scenario is getting hacked. So the best, you know, alternative solution for this is insurance. That’s why scallop always has insurance in place. So as a result, even if the worst-case scenario happens, we are fully safeguarding the funds of everybody. So that is how scallop is well prepared. Yeah. I hope you answer your questions.

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### I have some issues with the rewards from the stake. and I’m losing some scallop from both of them on a daily basis. I have counted something like 2.5. So the five scallop every day are lost.

What’s happening is that the calculations are done in the smart contract. Yeah. Because when you compare the APR to what it is, you can see that the p.r. is going dynamically and calculating, and the APR is calculating based on the second it, and the APR may now say 20%.After a few seconds, it’ll say 90%. So, no, it’s not true, but when you’re counting, it’s not just the 90% across the board; it’s the 90% from whatever time you have unclaimed to that time. You shouldn’t be calculating 21 or 20. There are some calculation differences coming, which you understand. And also, it is not something we are manually calculating. You can look at the smart contract, which is already available in the BSC.

The formulas are already there. As a result, it is calculating an estimate of what we discovered. It is, but only on the front end. Perhaps there is a mismatch between the front-end APR display and the record that we have already reviewed, and there is an upgrade to be pushed into the system that will push it. But based on what we checked, it’s not really a major difference. We are seeing people who are complaining, we are doing reviews, and then we are actually refunding based on whatever’s needed. But it is not for everybody. I can tell you that. Yeah.

### Then, if I recall correctly, Revolution received his card in the main chat. I mean, I was also one of the first in the apprehension, so I would like to have it?

I have to appreciate your support and everything else. Another reason we’re doing it is that we’re not just opening whitelist and crypto services the second week; we’re opening 14 services to Europe that include enhanced virtual cards. Now you can use a virtual card for any currency in the world. It’s just not Euros anymore. You know, the euro, the virtual cards are only useful. And then there’s the card. So, how quickly, I mean, I have to appreciate a big thank you from the Scallop team to the community for Coin Revolution. We, we, he is actually assisting us in optimising the delivery times of the card to the users. So we are testing, we just want to know how long it takes from, you know, where we are, from Ireland to Germany, France, and then all the way up to Lavia, Lithuania, Estonia. So it’s a lot for us. I mean, you guys have to understand we are just 40 people, and then we have to take care of the logistics cards, printing cards, packing cards, and dispatching technology. It’s a lot of things, I mean. So it takes a little while. I mean, as I keep saying if it was an open source project, say, farming or I would simply fork a co-finance smart contract and then change the token into a product that was pushed to the market with a simple UI, a Releasement product. Those are not products. Okay. Those are just ripped off from the existing open-source score. I hate to say that, but we are the ones really getting our hands dirty and then creating something. As a result, the testing went extremely well.

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### Once the card is launched next week and you open up the banking app without the white list, what are your marketing plans? The community always has issues with the scallop teams’ marketing strategy. What kind of plans do you have in terms of marketing?

The marketing, as I mentioned, has its own timeline, and we know when the products are coming and when the marketing will be triggering. So we are mainly relying on digital-based marketing, using all the social networks. And also, we are using our co-partners and businesses to, you know, provide scallop services to their clients. That’s mainly where we are going because that’s what we are: a crypto bank. Now, if you are a crypto user, you don’t have to rely on any other bank. You simply use scallop banking services. and that’s how you bring them into the system there. It’s, it’s actually a four-way tunnel system.You acquire a user, you retain the user, and then you grow with the user. As a result, it is its internal mechanism for acquiring retention and growth.

That’s what we do to acquire, we acquire it through our banking system and then retain the user by showing them our enhanced services. We have instant crypto, instant fiat, and instant everything. And then we grow based on the referral programs. We have referral programs coming. You refer a user, and you get 10 scallop tokens, so we have a lot of exciting things coming up. If you refer a business to me today that is doing well, you will receive 200 euros every month. You refer 10 businesses. To me, you’re getting 2000 euros every month, and we are giving 200 euros every month as a referral bonus to people. For businesses and personal users, you are getting a certain amount of scallop tokens. So it is: the best marketing is always word of mouth. You might see something on the TV or on the news or on something, but if a friend of yours comes and says, Hey, I used it, it is good. That’s it. You’re done. You will use it for sure. So, we are implementing all of this very soon, as well as more and more types of marketing, which we will be launching very soon.

### My second question is: you said you want to have a hundred B2B users by the end of the year — you even mentioned it in the last image — and they will have their own users, but their own users. How do you see demand coming in? I mean, if you’re limiting or requiring those hundred B2B to have a hundred thousand tokens, scallop tokens, that would account for like, say, 10 million. Even if we achieve that aspirational number, we will account for 10 million scallop tokens held by them. How do you expect the demand from their users to be because they might not even know that scallop is being used to provide them services, as far as I understand. So, so how do you expect demand to come in from their users?

So, I mean, this is a slightly different service. Again, I’m not a guy who seeks fame. You may have realized, once again, that this is why our marketing is slightly less impressive in comparison to others. That’s what I can see: that we don’t like to run after fame. We don’t like to showcase. You know because we want things to happen very much naturally. For example, if I ask, “When three or four large businesses use us,” you will see the word “Scallop” somewhere in the system, indicating that it is providing these services.

what I’m trying to say. We’ll have more users through more businesses. We make more revenue, and then we get more tokens back from the market. So the aim is we have a certain number and allocate a certain percentage of the profits we’re getting every month to get the tokens out of it. So eventually, Scallop as a company will own most of the tokens. That’s what we’ll be doing. And I mentioned it in the last one, regarding some little burn functionality. And someone in the community is asking me a very good question, how come Raj is suddenly talking about a burn? It is not something new, actually. whenever the user does an e-money transaction on the chain, what happens usually is you move an e-money token, you are moving a token on a chain, plus you’re moving fiat in the back as well, because it’s, it’s a hard pecked one,\
So there are some charges with respect as well. So, in order to ensure that the user benefits, the user will ask, “Hey, why do I have to pay 10 cents for this transaction fee transaction, or 5 cents for this?” Generally, on scallop, it is only 0.01 cents. But if you move the e-money token, it’ll be three- to four-times more. It will cost four or five cents. But what happens, as a result, is that if you move e-money tokens eventually, a certain portion of the fee will be burned, and that will increase the value of the tokens or the assets you’re holding. So more use of the e-money token means more scallop going down. So, if you understand, we are not forcing people to buy scallop tokens here, but we are encouraging them to use the system; we are not marketing in any way.

But what we are marketing is the use of the services. The moment they start using the services more and more, it’s in by default; a small portion is burning. They need to hold something, and Scallop is getting hold of buying all the tokens from the market back into the system. Eventually, the required number of tokens in the market goes down. As proof of stake, they must stake some scallop tokens in order to become validator businesses and gain access to better services and higher limits. They have to hold some scallop tokens. And we are getting revenue through revenue. Most of the scallop are being bought back from the market. And then automatically, when people move many tokens, there is burning of tokens happening. If you see overall, bit by bit, that it all leads to not only the adoption but also the scarcity of the scallop tokens in the system, there are two things. If you want to make money, yes, either you make more money or you reduce your expenses. As a result, your net profit will eventually increase. So we are concentrating on both sides.

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### According to my understanding, scallop will generate a large portion of its revenue directly from B2B transactions, and the demand for its tokens will grow slowly. So that is something that everyone is concerned about. And even the burn mechanism is not very clear, and there’s, there’s no written anywhere. that is something that you can clear up. and since you’ve pivoted more towards B2B and reduced your focus on retail customers, that again lowers the demand in the market. I mean, imagine if we had to look at, instead of you targeting hundreds of B2B users, you would’ve targeted directly 1 million users by the end of the year or by the end of next year, and that would’ve brought directly 10 to 20 million dollars worth of demand.

There is a problem there. I mean, I agree with you. I mean, if you see Revolut, they have 30 million users right now, but it is six years over a period of time. Do you know how many users they had in the first year? 100K. That is what Revolut got first year,100K. The thing is that to acquire a user, the user equation costs on average, and in any business, I’m not teaching or saying anything. You guys can Google it and find it as well. User acquisition costs between $10 and $25. If I want to onboard 1 million users this year, I literally have to spend 10 million on just acquiring the users. Forget about the stuff, because in scallop you have K-Y-C charges, PEP charges, sanctions, and charges. It’s a lot.

It’s a lot. So, so the point is, before I go and spend a lot of money before a user come in, I don’t know once he come in, whether he will do it or not. Because on statistics, it’s 10% is always the active number of users in total number of users you have. So the profitable method of running any company is of course, not only for scallop as a, as a as as a team, but also scallop token holders is, is the value of going up. So Scallop will be dedicating a certain portion of the profits in buying back the tokens in the market. And of course, not just that, as I mentioned to you, you not only sticking to B2B, but we are also going worldwide to provide services to worldwide customers. Right? I understand it’s a slow process, but it will take time.

But definitely, we’ll be going to that point. What you have mentioned as well is providing for more users. Now, let us say, one of the biggest exchanges in the world allows people to on-ramp, off-ramp, users. Now, let us say that one of the biggest exchanges in the world allows people to on-ramp, off-ramp, deposit, or withdraw euros through Scallop, one of the largest exchanges in the world. So whenever you go to the exchange, you will go to withdraw euros, you’ll click on it, and then at the bottom, you will see this through this method, through this method, or using scallop. And so you’re seeing scallop there. That’s exactly what I mean. You will see scallop there, but that doesn’t mean people will see it. So that’s one kind of market. So it’s not about giving Lamborghinis away to influencers, I know. I mean, crypto people want influencers to do it, but I felt sorry for the people who, you know, through whatever it is, all these moon boys, whatever it is, are talking and saying everything, we don’t, we’ll give the real thing.

If you want scallop marketing, you go and find it. You go, you will find scallop in these massive global exchanges in the world. They will soon keep the name “Scallop” because they are using its services. When you access scallop services, you will see the name. That means they’re literally seeing them, so of course the scallop tokens and their eruption will be present. That’s essentially what it’s all about. It is also linked to the entire system. And when chain goes, when these exchanges keep scallop chain into their system as a e-money token, I mean, token, token is needed, right? They must purchase the token, similar to how BNB is used to finance smart chains.

### we are focusing a lot the marketing and all we’re talking about the marketing is the banking app. But to be honest, there are a lot of banking apps out there that we do while we do our secret sauce is the chain. So my question is how do you plan on marketing the chain? That’s what will create demand.

I gave the updates at the start of the call. I’m not sure whether you were there or not. The world’s first biometric bridge was presented to the top four so-called blockchains, which I won’t name. When they looked at it, they wondered how in the bloody hell these guys could have built something that no one else could have thought of doing or such a system. They even threw an offer at us, to be honest.

So it’ll definitely create a big stir, but we need to take it to step by step. So, as I said, we will be fully open in Q2 of this year. Then, of course, hackathons will have an impact on us, and when the time comes, marketing will take over. Change is, as I always say, a grown jewel of scallop with regard to banking, what I was talking about, you’re missing the point. It is, we are not just providing a bank account and a debit card, which everyone does, but can you name me one company that allows you to get a full-fledged bank account, a full-fledged crypto wallet, and allowing you to buy and sell instantly at the same time, as well as doing FX and remittances to anywhere in the world? None.\
You have given us a lot of feedback, which I really appreciate. And this is what I was just trying to say here: once we finish the full-fledged wallets, as you have seen now, we are going live into the market without a whitelist, with full-fledged banking services, fx, remittances, wallets, and everything else. Now what’s left is moving all of these on top of the chain. So as I said, the chain is the crown jewel, and the jewel goes last on top of Thrown.

### The entire CMC feud and everything that is going on with the coin market cap is, to some extent, what? There are some issues with the coin market cap and the overall negative comment; can we just be a little more flexible in our approach to what is considered fud and the rules for banning? Because I think we’re, we’re a bit too strict with the community.

Oh, I mean, generally, they won’t. I have very strict instructions for the team. Don’t waste my time on some random things people do. There are a lot of people who try to, you know, throw stones at a fruit-bearing tree. To be honest, I take them with a grain of salt because we have a marketing team that looks after them or a brand team that looks after them if we have brand ambassadors who look after them. So, typically, I’m not bothered by people’s comments, and I strongly advise people not to pay attention to them. Allow them to throw whatever they want. What are you worried about? We are not a scam. We are a genuine product. So we don’t have to worry about anything.

and I mentioned this a long time ago as well. You know, if you have any concerns, please feel free to ask them in the main group. Nobody will ban or come into the AMA and ask, they might say You know, if you have any concerns, please feel free to ask them in the main group. Nobody will ban or come into the AMA and ask; they might say, “Hey, you banned my account. I mean, I see everyone using multiple accounts or creating fake accounts. You can make an account right away and then come and ask me if you have any questions; however, if you try to sabotage, fud, or do anything in the main group, the main group is for questions and everything that concerns you; you can reach us, you can reach the team, and you can ask them in the main group.

We are always here to answer them. I will answer them here as well. But if it has an impact on the project or attempts to spread FUD or anything else, it will be a straight ban. if you have any concerns, please let me know. I’m — you know, I take feedback very seriously. We resolve issues within 24 hours, but some people try to make fun of us just because they lost money somewhere or something, whatever it is that comes in, and try to say this or say that with no mercy at all.
