Letter from the CEO: The Year Of New Beginnings

Scallop is celebrating its first anniversary and it feels like a very long year indeed since our inception. The Scallop dream of launching an innovative range of products that will ease the life of the lay crypto user is like a dream come true for our team. The team started with a few key individuals and has since grown in size and belief in our vision to strengthen the decentralised financial ecosystem.

We have always been driven by a user-based focus. The products our team have developed and innovated are a result of us, listening to our customers and their requirements which sits at the very core of our values. Together with offering first-class user support, Scallop strives to uphold our promise that the customer’s needs are paramount.

While we reflect back on this occasion of our anniversary, we are reminded of where we started and where we are headed. As we develop and grow, Scallop is committed to providing not only world-class products but also industry-leading support to the Scallop community.

Beginnings with the IBO

Scallop launched the first-ever Initial Blockchain Offering (IBO) for the SCLP token. This step was a monumental milestone for Scallop and saw significant participation and engagement throughout the DeFi community with 15,000+ applicants for the whitelist in just a matter of days.

Listings & Partnerships

The IBO led to Scallop getting listed on some prominent exchanges like Kucoin, Gate.io, MEXC, Pancake Swap and others. Scallop was also proud to be a Platinum Partner for Europe’s premier crypto event, TOKEN 2049. We were sponsor of Norwich City Football Club in their last Premiership season and partnered with some prominent industry leaders like Ledger, Visa, Chainalysis…

Empowering through education

Initially, our Scallop Learn educational platform was launched to provide the lay user with the basics of the crypto space. The back-to-school approach employed allowed users a chance to get to grips with the basic knowledge they required about crypto in one place. However, learning is a lifelong pursuit, whether you’re new to crypto or a seasoned crypto user. Therefore, at Scallop learn, we aim to provide basic as well as advanced information like technical articles, crypto whitepapers, the metaverse and everything in between. There is something for everyone at Scallop Learn.

Offering a low-fee and secure way to trade crypto

In June 2021, we officially launched our Beta version of the Scallop Exchange with an overwhelming response. The Exchange enables our customers to easily buy, sell, and hold 100+ crypto tokens with 20+ fiat currencies via bank transfer or credit or debit card. In just a few days, we’ve already had over 39,000 sign-ups from members of our Scallop loving community.

On top of the World!

Scallop Exchange made waves not just for its successful launch but also for making history as the first DeFi company to reach the summit of Mount Everest. The Scallop flag was proudly hoisted on the top of the world by mountaineers Kenton Cool and Jay Kolhatkar, who braved harsh conditions to reach an altitude of 8,849 m (29,028 ft). Scallop is thrilled to be the first DeFi company to have reached the top of Mount Everest. Scallop’s determination and drive are clear, just like Kenton Cool’s objective in reaching such heights and in its mission to provide accessible financial services through the Scallop Exchange. I would like to congratulate the team for this groundbreaking achievement.

Strategic Expansion

Scallop marked its foray into the Gulf region with its recently granted regulatory approval from Dubai’s Virtual Assets Regulatory Authority (VARA)! Scallop can now operate within UAE’s rapidly expanding digital assets ecosystem, offering top-notch financial solutions to a new group of customers. With this regulatory oversight, Scallop can confidently enter the regional market and provide reliable cryptocurrency services. This is an exciting development for both Scallop and the Gulf region. It paves the way for even greater growth and development in digital assets. It will be interesting to see how Scallop continues to make an impact in this space.

Adhering to regional compliances to provide safe and reliable banking services

Scallop was excited to announce that we have officially achieved PSD compliance for our digital banking services in the EU. This means that Scallop customers in these regions can now use our online and mobile banking platforms with the assurance of safe, secure, and regulated access.

At Scallop, we constantly strive to bring our users the latest and greatest financial technologies. PSD compliance is just one aspect of delivering a top-notch banking experience. Additionally, we persevere to provide our customers with added peace of mind, knowing their data is fully protected and secured. So, whether you’re transferring funds or checking your balance, Scallop has got you covered.

Binance Custody’s Integrated Institutional Services to provide additional security to Scallop users’ funds

Recently, we proudly announced our official onboarding onto the Binance Custody platform! Binance Custody ensures top-notch security for investors’ funds, offering cold and hot storage solutions. This means Scallop users can rest easy knowing their assets are safe and secure with Binance Custody’s advanced infrastructure. Along with Scallop’s commitment to transparency, joining Binance Custody adds another layer of protection for our users. We are excited about this partnership and the opportunities it presents to Scallop and our investors.

Moving Onwards & Upwards

The current market situation offers a chance to lay the groundwork for the upcoming stage of industry growth. Our lives could be drastically improved by Web3, and we want to responsibly incorporate Web3 into the current internet to make it better. It will be crucial that Web3 starts addressing real issues that Web2 users are still experiencing.

The Scallop App is already live for our users in the EU. We plan to launch our Scallop ecosystem including Scallop Chain, Scallop Cards, Scallop Pay, Money Transfer and more very soon.

The feedback we receive from our users is crucial to setting our future objectives. We also appreciate the cooperation of regulators, lawmakers, and business leaders in building a secure and reliable crypto environment that prioritises users. However, the work is only just starting now. We must keep working with regulatory organisations that support responsible innovation while safeguarding our sector and investors.

Like any young company, we did face our fair share of upheavals. However, we have also grown and matured in the face of these complex challenges — something that not many organisations can say. If we remain committed to our values, then we will continue to lead the way not just in fintech but in the global financial industry as a whole.

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