London, June 21, 2022: Scallop, a digital money platform, has announced the launch of the beta phase of its global cryptocurrency exchange Scallop CEX (centralized exchange). The exchange will be available to selected individuals to buy, sell and hold 100-plus crypto tokens with 20-plus fiat currencies via bank transfer or credit or debit card. Users can also earn rewards by inviting other traders through a referral scheme.

The exchange is available globally except in the United States, Syria, Libya, North Korea, Iran, Cuba, Sudan, Venezuela and Yemen. 

“According to research, 37% of crypto traders identified that the biggest difficulty encountered by a crypto exchange [was] excessive trading fees, which [was] followed by a lack of liquidity as cited by 35% of users,” said Raj Bagadi, founder and CEO of Scallop. “Scallop Exchange aims to solve both.”

In the last few years, the number of cryptocurrency users has soared. Despite the fact that crypto trading has grown widespread, it is still not competitive with centralized trading ecosystems that offer incredibly low trading fees. Scallop fills the gap with its focus on three key points: 

  •  Low trading fees: With one of the lowest trading fees in the business, Scallop Exchange customers can make more profitable trades even with significant trading volumes. The fee is lower than many other high-volume exchanges.
  •  Deep liquidity: Another difficulty with cryptocurrency exchanges is that many lack adequate liquidity, particularly for smaller tokens, making it difficult to enter and leave bigger positions without significant slippage. Scallop’s solution is liquidity aggregation, which allows consumers to access different liquidity pools from a single dashboard. “Users receive a better execution price through a liquidity aggregator,” said Rohan Rathode, managing director of Scallop Exchange. “Scallop Exchange is simple, and traders may trade large amounts of digital tokens in seconds with no price slippage.”
  • Security: Scallop Exchange is a secure cryptocurrency trading site. Notably, Scallop is a regulated ecosystem with seven-plus banking and financial licenses in the United Kingdom, Canada and Estonia.

Built on strong foundations of deep liquidity, high security and minimal trading fees, Scallop Exchange customers can trade in spot, futures and margins. Notably, the exchange allows margin trading on tokens, with leverage up to 125-times for SCLP and MAHA tokens.

In addition to offering futures trading in coins, Scallop plans to provide futures trading in nonfungible tokens (NFTs) for the first time, allowing users to earn yields from NFTs on an exchange without owning them. The feature will be available to exchange users soon.

Essentially, Scallop CEX is here to make cryptocurrency trading simple, profitable and secure for both retail and institutional investors. Scallop’s overall objective of bringing digital assets into the mainstream is helped by the exchange’s seamless integration with other group products in banking, earning and payments. Users will be able to purchase and sell cryptocurrency directly from their Scallop banking accounts without switching between apps.

As of now, a limited number of Android and iOS users can access the exchange. It will eventually be available to users globally, and Scallop will continue to expand the platform with new features, cryptocurrencies and NFTs over time. 

It is not just decentralized finance (DeFi) and blockchain technology that Scallop is passionate about. The fintech group made headlines as the first crypto brand to reach Mount Everest, with renowned mountaineers Kenton Cool and Jay Kolhatkar proudly holding the Scallop flag at the summit on May 12 and May 14 this year. Scallop is also the primary partner of the English premier football league club Norwich City.

About Scallop 

Scallop is a regulated fintech banking ecosystem for users who want a faster, more efficient way to manage their crypto and fiat securely in a single place. Scallop’s mission is to bring digital assets into mainstream use and bridge the gap between DeFi and traditional finance. 

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