February Spotlight
Last updated
Last updated
The short and sweet month of February has ended with $BTC crossing the $60,000 level. Does this mean we are looking at positive times ahead? Well, nobody has a definitive answer to that. While the market dynamics are not in our control, what is in our hands is to continuously grow and innovate. With this spirit, we welcome you to the latest edition of Scallop’s month in review article.
At Scallop, we prioritise raising awareness on crucial issues within the crypto space to ensure users have the best possible experience. This month, we shed light on the Financial Action Task Force (FATF) Travel Rule, also known as Recommendation 16 for Virtual Assets. Aimed at combating money laundering and terrorist financing in virtual assets, the Travel Rule mandates Virtual Asset Service Providers (VASPs) to collect and share detailed information about the sender and recipient of virtual asset transfers. Wallets lacking proper KYC procedures face challenges in complying with this rule, impacting regulatory compliance, market access, and user trust. Read our detailed Twitter thread here.
Our CEO, Raj Bagadi, is attending the ETHDenver (Feb 23 - March 3) alongside Nilotpal Mukherjee, founder-Symbiote. Earlier this month, Web3 accelerator Symbiote introduces its inaugural cohort of startups including Scallop. Raj joins fellow cohort founders from Nodeops and Zoth at ETHDenver. Notably, ETHDenver is a community-owned innovation festival, dedicated to empowering the Web3 community and solidifying Colorado as a thriving hub of Ethereum and blockchain innovation. Discussions at the event range from topics like RWA, DePIN, infrastructure, to various projects within the crypto space.
Scallop received rave mentions on social media platforms, with a prominent crypto Twitter influencer @blockchain_goat highlighting the benefits of Scallop Chain and how it stands out in the RWA space. Read his tweet here.
Speaking of Scallop Chain, it's important to emphasise that Anti-Money Laundering (AML) checks are integrated into the consensus layer. Explore the future of secure transactions with the Scallop Chain. Our revolutionary consensus layer comes equipped with modules designed for Anti-Money Laundering (AML) compliance. This ensures that businesses can operate securely and confidently. Remember, every transaction undergoes thorough AML checks!
In February, our creator community witnessed growth, with new members joining the community spotlight. Check out the Scallop’s leaderboard for the top creators who have contributed significantly to our ecosystem.
As blockchain adoption continues to grow, cyberattacks pose a significant threat to blockchain technology. Hence, it is imperative to ensure a secure and resilient infrastructure. In one of our blogs, we discussed strategies to fortify blockchain security and resilience against potential threats. Read to find out How to ensure the blockchain is secure?
As the world's first public blockchain network supporting KYC & AML on-chain, Scallop Chain continues to pave the way for secure and compliant transactions. Web3 accelerator Symbiote has recognized Scallop's evolution from a Web3 Payment Suite to an all-in-one RWA Chain in one of their posts. Looking back, we are humbled by the progress we have made and the ground we have covered.
With this, we conclude this edition of Scallop's monthly review. Keep innovating, keep creating. Until next time, continue to push the boundaries of possibility in the Web3 world!
