Crypto Is The Future And Must Pass The Three Crucial Tests

In 2020, I started building Scallop, a fintech ecosystem for users who want a faster, more efficient way to securely manage their crypto + fiat in a single place. Our mission is to bring digital assets into mainstream use and bridge the gap between decentralised and traditional finance.

Many of you might have wondered, why did we name our company after a marine creature? Well, I am a BSAC qualified deep sea diver. In one of my dives into the Atlantic, I saw a scallop. I could not stop thinking about it. I was fascinated by its beautiful shape and colour. Not to mention the possibility of finding a pearl inside it.

Fast forward to 2020, while I was working on our project initially, I realised that the nature of blockchain is similar to a scallop. We can see the beauty of our business from the outside only if we dive deep inside the technology and find out how it works. So, just like a bivalve mollusc that binds two shells together and creates a beautiful life form, Scallop brings together crypto and banking in one app! The Pearl became the logo of the project!

Our company name “Scallop” originated from this story.

When we started, we were just looking for a convenient way to help people keep track of their crypto assets in one place without worrying about their safety. But then came the crypto bear market. No one has escaped unscathed. But, as a community, we should pause and recognise that this is how technologies progress. New technology is frequently met with a storm: a significant crash, which reinvents itself to emerge stronger. And that is how technology revolutions work.

So now we’re ready for our next test: how do we ensure that the new system is resilient enough in the face of volatile markets?

There are still many challenges ahead before crypto can indeed go mainstream. In my opinion, the overall niche of crypto and blockchain can play a role in our future, but it needs to pass the three crucial tests:

Safety And Stability

This is the most crucial test for any new technology like blockchain, as it can be used to create more secure financial systems that benefit everyone. Let us see this from a monetary perspective.

  • Crypto is money, after all. Money should perform the fundamental functions — as a store of value, unit of account and medium of exchange.

  • Sovereign currencies may provide price stability, and public scrutiny has aided in developing secure and strong payment networks.

  • Stablecoins, on the other hand, must import their credibility because cryptocurrencies have not yet completed the core tasks of money.

Having said this, we are proud to tell you that Scallop is authorised by the Estonian regulator. Scallop EU OU is lawfully entitled to provide virtual currency exchange and wallet services in the EU. Moreover, our cold/hot storage is insured against loss of up to $100 million. We hold fiat funds by following all regulations.

Sovereign currencies can offer price stability, and public oversight has helped achieve safe and robust payment systems. On the other hand, cryptocurrencies have not yet performed money’s fundamental functions, and stablecoins must import their credibility.


The cryptocurrency industry has been snowballing for the past few years. It has become a global phenomenon, especially in Asia and Africa, where many people have never used a credit card or bank account. However, as with any new technology, cryptocurrencies require time to mature and adapt to their environment before they can be used for more than just speculative purposes.

The system should anticipate future developments and users’ needs and foster competition and innovation.

In this context, I would like to mention that we are developing our own blockchain — Scallop Chain is the world’s first regulated blockchain. It is the Scallop platform’s underlying blockchain infrastructure. The single-binary blockchain distribution prioritises developer convenience, speed, security and simplicity. With this foundation, the Scallop chain is designed to link traditional banks to cross-chain DeFi applications.


The system should allow universal access to essential services at affordable prices. However, in traditional finance, many lack access to transaction accounts and digital payment instruments. Crypto and DeFi are yet to serve financial inclusion. This leaves the scope for new services to address this barrier to inclusion and help the under-banked.

So these were just three big questions cryptocurrency should ask itself. If it can address these questions, crypto may become a viable future for our currency.

This has been the broader mission of Scallop, and we are happy to be inching towards our goal. We are thrilled to have received over 100,000 sign-ups for the Scallop mobile banking app in less than a month after it was open for registration. Going by the success of the waitlist, we are hopeful of defying the current negative market sentiments and strengthening our community with a simple yet innovative solution.

We’re keenly aware of how important it is to keep up with changes in the industry, so we’ll be releasing new features and functionality every month or two-so. Stay tuned!

The Scallop Exchange is also creating a buzz in crypto communities. After the successful launch in June, there has been no looking back. We had a great time with the “Winter Trading League” this week. I sincerely thank our vibrant community for making yet another contest a huge success. We are over the moon because of your love and support for a series of successful campaigns — DeFi The Odds, the launch of Scallop Exchange, the grand success of “Trading League” and now the “Winter Trading League”.

We at Scallop strive to build a DeFi-banking ecosystem based on solid technology and a long-term goal to become the go-to site for people’s financial requirements. The blockchain ecosystem will continue to expand and strengthen over time. The future is already here; we only have yet to fully experience or see it.

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