What Is The SCLP Token? How Will It Enable The World’s First DeFi NeoBank?

The rise of different cryptocurrencies such as Bitcoin and Ethereum attracted the attention of a lot of people around the world. It came into the spotlight in the years 2020 and 2021. The DeFi (Decentralized Finance) sector has grown 8700% in the last year. It had the total value locked in several DeFi protocols rising from $970 million to $87 billion. Even after the recent crash in the marketplace, venture capital has not yet stopped pouring into the startups in this sector that the world-famous Wharton business school reported can seriously transform the global finance scenarios.

The scallop is one such company that has the objective of disrupting the traditional banking industry. It is the world’s first DeFi powered neobank. So, this company combines traditional banking accounts with all the DeFi capabilities in just one simple solution that connects these two different worlds.

Scallop

The scallop is a company that has established a robust platform such that it integrates DeFi into banking accounts, that too without losing the daily utility. Simply put, it is an FCA-regulated bank. It offers people 10 DeFi powered products to make their lives easier. What makes Scallop unique from other such neobanks and DeFi platforms is its different feature – Scallop Pay. This feature allows the users to make all the payments using any cryptocurrency. Thus, it removes the costly and monotonous process of converting their digital assets to currencies and then bringing cryptocurrency into the spotlight.

Via Twitter – Scallop

The company offers an on/off ramp for a smooth exchange between crypto and fiat currencies and it’s opposite as well using the Scallop Exchange. It also has virtual and physical cards that work similarly to debit and credit cards. They provide traditional banking services using several cryptocurrencies like receiving salaries, sending or receiving international money transfers, etc.

$SCLP – Future Token

This token is an ERC 20 utility token. It is the main medium of transaction in the Scallop ecosystem. This token is built on the Ethereum network in order to leverage its scalability thus expanding the DeFi functionality of Scallop.

You can use this token to pay fees like exchange and transaction, bank transfer, wallet fees, institutional management, and more. It can also be used to receive rewards and bonuses. Moreover, it also offers a 1% discount on travel offers if holders use it for foreign transactions.

The Reward Structure

The $SCLP is a universal token in the company’s ecosystem. People can use this token for rewards and payments. This platform has offered a lot of rewards. Moreover, it includes travel offers, institutional offers, business rewards, etc for people who use the tokens. This token empowers the world’s first neobank as it is the primary transaction method for each one of its services. Furthermore, this token has its application in all the 10 products offered by the company – Scallop NFT, Scallop Cards, Scallop Multi-Currency Wallets, Scallop Earn, Scallop Money Transfer, Scallop Pay, Scallop Exchange, Scallop Cold Wallet, Scallop Banking Accounts, and Scallop Chain.