London, United Kingdom, October 19, 2021 — Scallop, the world’s first regulated decentralized finance (DeFi) neo-banking app has confirmed its initial blockchain offering (IBO) for the native token SCLP on the MahaStarter platform on October 27. The following day, October 28, the listing of SCLP will occur on KuCoin Exchange and on PancakeSwap.
IBO refers to a crowd sale done for blockchain-based tokens that will also have their own chain launched.
The SCLP token is the native token for the Scallop ecosystem and is the gas fee for the Scallop chain. It can also be used for paying transaction and exchange fees. The fees are paid by users who trade digital assets on the platform and use in-built on/off ramps to convert fiat to cryptocurrencies and vice versa. Institutions may also use SCLP to pay management fees on the platform.
Scallop provides a two-tier membership, entailing an exclusive “elite membership” that can be opened by staking the token monthly. Users can benefit from institutional offers and discounts by networks when paying with SCLP, as well as receiving “crypto-back” when they make any payments with the token.
The SCLP token will be launched with an initial market capitalization of $1,357,500 with 9,050,000 SCLP circulating supply. Scallop will offer a staking program that will go live after the token launch. Staking SCLP Tokens will be viable anytime between 30 days and four years. Longer staking periods will yield higher annual percentage yields (APYs) and users will be able to claim rewards instantly.
Scallop has backing from leading investors with Blackedge Capital, X21 Capital, Bitcoin.com Exchange, Magnus Capital, Amesten Capital, Market Across, KuCoin Labs, ZBS Capital, Solidity Ventures, J8 Ventures and MahaDAO all supporting Scallop’s aim to bring cryptocurrency further mainstream by providing the tools for adoption.
Scallop has banking accounts for users to receive salaries into, set up direct debits and send or receive transfers. Connected directly to hardware and digital wallets, these are powered with DeFi capabilities to facilitate any type of transaction and promote wider financial equality.
Raj Bagadi, Scallop founder and CEO, said:
“These two events, the IBO and listing, mark a significant chapter in Scallop’s vision. The SCLP token will empower the entire Scallop ecosystem which has ten DeFi banking products specifically designed to make people’s daily lives easier when using digital assets. We are extremely proud and excited.”
Pranay Sanghavi, co-creator of MahaStarter and MahaDAO, said:
“We’re delighted to bring Scallop as the first project on MahaStarter, our new platform for top-tier IBOs. It aligns with our belief to always maintain the highest possible standards across all of our operations. We will focus on the quality of projects on MahaStarter, not the quantity, and we expect Scallop to securely bring banking services on-chain to the masses, eclipsing all current solutions.”
Scallop is an innovative fintech ecosystem for users who want a faster and more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets into mainstream use and bridge the gap between decentralized and traditional finance.
Scallop allows users to buy, sell and leverage digital content using a built-in nonfungible token (NFT) marketplace synced with accounts, providing an extra layer of security and peace of mind. They also can earn the best interest rates from DeFi protocols like Compound and Aave with all the utility and none of the complexity. For more information visit https://scallopx.com/.