Scallop 2022: Our Year Long Journey With You

Main takeaways

  • This October marked our first anniversary as fintech innovators, and we celebrated in style!

  • We achieved numerous milestones, from our strategic expansion onto the global stage following our multiple product launches.

  • Our growing user base, highlights our success — something we could only do with our community’s continued trust over a year.

Scallop by numbers

Telegram members: 40,000+

Twitter followers: 32,000+

Total prizes in various competitions: 50,000+ Scallop Tokens

We worked tirelessly over the last year to provide you with a regulated fintech banking ecosystem that offers a faster and more secure way to manage your crypto and fiat currencies in one place. Our mission is to facilitate the mainstream use of digital assets and bridge the gap between traditional and decentralised finance. Looking back on our accomplishments this year, we are proud of our feats and overwhelmed with love from our community. Let’s walk down memory lane to revisit some of the achievements.

New products and features

Over the year, we launched our much-awaited products that had a real and lasting impact on streamlining digital asset management for our customers.

Scallop App (Beta): We are elated that we have onboarded over 20000 users this month as part of our exclusive whitelisting for the Scallop App! We thank our dedicated followers and users for their support and loyalty.

Scallop Learn: At Scallop, we believe learning is a lifelong process, especially in the ever-evolving crypto space. You need to be on your toes with the latest updates in the industry. We created our knowledge-sharing hub — Scallop Learn — an engaging educational platform that caters to all levels of users, from those who are new to the crypto space to veterans who want to stay up-to-date.

Scallop Exchange: We 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 either via bank transfer or credit/debit card payments. In just a few days, we had over 39,000 sign-ups from members of our Scallop-loving community.

Scallop Chain Testnet: After months of anticipation and excitement, Scallop Chain’s Testnet has been released! The Scallop Chain community can now join in the testing process and help shape Scallop Chain’s potential as a peer-to-peer cross-chain asset transfer network. This is an incredible milestone for the Scallop Chain community and a breakthrough for decentralised systems everywhere.

Staking 2.0: We’ve been hard at work getting our Scallop-staking users migrated to the new and improved staking program! It’s been an exciting process — the rewards have been high, with remarkable new APYs.

Adventure and sports

We at Scallop value personal challenge, competition, and camaraderie among our users. And what better way to promote this than adventure and sports? We are proud to have partnered with some record makers.

Chasing the summit: 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 that theirs was the first DeFi company to have reached the top of Mount Everest.

Primary partner of Norwich FC: For the 2021/22 season, we became the Official DeFi partner of the Premier League football team Norwich City F.C. The collaboration helped Scallop receive global exposure to the 4+ billion Premier League viewers in 190 countries and educate young people worldwide about DeFi.

Compliant, Licensed, and Insured!

We achieved PSD compliance for our digital banking services in the E.U. 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.

We are also officially onboarded 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.

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.

Let’s take a quick look at the licenses we have under our belt

  • Canada MSB

  • VARA Dubai

  • Crypto Licence Estonia Europe

Scallop at events

Scallop had quite the whirlwind of a year! We were at all significant events, from the Global Blockchain Congress in Dubai to Money 20/20 in Amsterdam and Token2049 in London! We attended the biggest Web3 event — Consensus, in Austin, TX. We also had fruitful discussions at the Binance Blockchain Week in Paris. We sure knew how to take advantage of all that 2022 had to offer!

Our Vision for 2023

Our goal for the coming year is to deliver dependable and accessible financial services globally. 2023 sees our impressive set of plans come to fruition, with initiatives such as

  • Launching Scallop Cards

  • Incremental app updates

  • Improved CEX features to include futures and on-ramping and off-ramping,

  • Upgrades on our testnet and launching devnet

  • Conducting audits on devnet

  • Hackathons

  • Launch mainnet

  • Full institutional services

  • Launch of Extension Wallet

  • More strategic partnerships

These efforts are crucial steps in establishing a thriving global financial landscape. As we set our goals for 2023, let’s raise a toast for a new year of innovations, possibilities and milestones.

- Raj K Bagadi

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