July
Team Scallop did not stop after the successful launch of the Scallop Exchange. We have worked towards bringing you the best service, information and big rewards after the support we have received from the community! Thank you to everyone who supported and believed in us on this journey. We have more rewards coming soon for our beloved community, stay tuned to our social media channels for more updates.
Let’s get into the monthly wrap-up!
The Bug Bounty Program
We appreciate everyone who helped us identify the bugs in the Scallop Exchange. We have successfully fixed these bugs and sent out rewards to bounties!
Scallop Exchange Guide
We have released a step-by-step video to help you transfer your SCLP from your Web 3.0 wallet to the Scallop Exchange. Watch the video and transfer them now to access the distinctive features of Scallop Exchange and trade with peace of mind.
Scallop Trading League
We hosted an epic trading competition running from 5 July to 30 July. Traders competed in 3 categories: Maximum spot trading volume in SCLP/USDT, highest volume across all pairs combined, and highest percentage returns.
We awarded a total of 125.000 SCLP to 20 lucky winners!
On top of that, we have announced extra rewards to spice up the competition! We rewarded 5 lucky winners who traded a minimum of 100 $SCLP every day from Friday 12:30 PM GMT to Sunday 10:30 PM GMT with 200 SCLP tokens each.
You can find more information on the trading league here
Stay tuned for more competitions and rewards!
Maha Rewards
Scallop rewards did not end with the trading league, we rewarded 5 traders who traded a minimum of 40 $MAHA from 19th July, Tuesday 12:30 PM GMT to 21st July, Thursday 10:30 PM GMT with 100 $MAHA tokens!
Scallop Learn
This month we have started a brand new Scallop Learn series called ‘Know your Crypto’ to help newbie traders learn about the most popular cryptocurrencies. We have also released a guide on how to keep your cryptocurrencies secure on an exchange. Along with these, there’s a new guide on how to trade with margin to help Scallop Exchange users to have a better experience with our exchange.
Read our latest Scallop Learn articles:
Technology Round-Up:
July has been a very productive month for the Scallop App. We completed our KYC, AML and KYT integrations with our partners Sumsub and Huntli. This required significant refactoring of the app UI and UX to work more efficiently with the partner APIS, but overall, we achieved a much more intuitive and streamlined Onboarding and Login experience for our clients. CMS also got a makeover to support a zero data approach, where Scallop staff had no access to personally identifiable information (PII) of the client. We also added an Identity and Access Management (IAM) control over CMS, to further protect the visibility of client operational data based on specific needs to know. Any specific requirement to access client PII, is now supported by IAM controls provided by our partner portals on Sumsub and Huntli. To further extend our InfoSec posture, we also integrated our App with VeryGoodSecurity’s vault (VGS), where all passwords, PINs and any other security credentials are stored and accessible only through client action on the App. VGS then provided us with PCI Level 2 Certification, a prerequisite for obtaining compliance signoff from our partner ModulrFinance. Similarly, we added PSD2 access via another partner Tell.Money, which allows qualified 3rd parties to access a client’s account data through a secure client access portal deep-linked to the client’s App instance on their mobile. PSD2 compliance is another prerequisite for ModulrFinance compliance. Having achieved all of this, we submitted the app for review by ModulrFinance and completed that compliance, giving us the ability to provide live client accounts. We are now at the threshold of issuing these live accounts to a small set of whitelisted clients, as soon as we have the wallet-based transactional capabilities implemented through our partner Fireblocks and our liquidity partner OneAlpha. As we’re very close to going live, we are also paying attention to the risks of continuous integration and deployment (CI/CD), by formalising the staging of development to QA to Production release as part of our DevOps pipeline.
August is going to be our day in the sunshine, when we gain our first actual live users and execute transactions on their behalf. There are still capabilities we need to integrate; FX/Remittance partner integration, Card issuance, Multicurrency wallets, Transactions Fees and Treasury automation, but with our live announcement, the majority of the hard work is now behind us.
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