Accelerating Future of DeFi with Scallop Chain for Cross-chain Interoperability

UTC by Julia Sakovich · 3 min read
Accelerating Future of DeFi with Scallop Chain for Cross-chain Interoperability
Photo: Scallop

One of the key features of Scallop is the Scallop Chain which is set to launch in Q2 2022 according to the company’s roadmap.

It’s time for routine and conventional functionalities to take a backseat as innovative fintech solutions are the need of the hour. Scallop is an innovative ecosystem that has been designed and purported to provide users who demand a faster and a much more efficient way to manage crypto and fiat all in a single place. Backed by several top VCs and angel investors, Scallop is a multi-faceted platform combining the best of blockchain technology and banking facilities.

In a move to simplify DeFi and increase adoption, Scallop’s products and solutions include Scallop Earn, banking accounts, NFT, Multi-currency wallets, and many more.

The full list of products include: GBP/EU Bank Accounts, DeFi Earn Accounts, NFT Marketplace, Titanium/Metal Debit Cards, Payment Gateways, Money transfer, Multi-Currency wallets, Crypto/Fiat Exchange, Scallop Hardware Wallet, Scallop Chain

The world of DeFi is moving forward and Scallop is solving real issues of interoperability. It looks at revolutionizing the DeFi landscape and accelerating the adoption process, leading the way for a novel financial system powered by blockchain.

Scallop Chain

One of the key features of Scallop is the Scallop Chain which is set to launch in Q2 2022 according to the company’s roadmap. The Scallop Chain will be the force behind different cross-chain financial applications. With Scallop Chain, the neobank intends to integrate traditional banking with cross-blockchain applications. The solution will enable institutional partners to work with Scallop to enable them with a host of benefits including creating secure custody services, get interest-bearing savings accounts, debit cards, and fiat on-ramp to crypto.

The Scallop Chain fosters cross-chain transactions especially with noted projects like Ethereum, Cardano, and Solana being supported. Scallop provides users with the benefits of interoperability with added functionalities. Interoperability between blockchains will enable the exchange of value and information between different networks. Scallop intends to lay the foundation for blockchain mass adoption and use.

How will It Work?

Scallop’s cross-chain compatibility will allow chains like Ethereum, Solana, and Cardano to communicate with one another without the help of intermediaries. Businesses will also no longer have to contend only with clients on one particular network the business has built on. With this feature, Scallop will enable the smooth sharing of information between different blockchains.

With Scallop Chain multiple functionalities will come into being because of its cross-chain capabilities. For starters, users will be able to make payments across multiple blockchains. Also, multi-token transactions will be a reality thanks to the presence of multi-token wallet systems. Such a development will allow users to rely on a single wallet system for the transfer of cryptos across different blockchains.

Scallop will Highlight the Importance of Cross-chain Compatibility

Scallop looks to enhance and ensure seamless integration between private chains, oracles, and permissionless interfaces. The fundamental principles of blockchain interoperability solutions is scalability and governance and Scallop Chain is a move towards fulfilling that along with other benefits:

Privacy – With cross-chain compatibility and interoperability Scallop will ensure data privacy protection to the highest levels

Security – This will also address the long-running issue of data security in the cryptocurrency industry. Since there will be no intermediaries in the system, there will be a low risk of mishandling sensitive information

Lower transaction costs – Scallop Chain will aim to lower transactions costs

Summing up

To overcome some of the most pressing issues in blockchain interoperability, Scallop believes in turning to technology to allow universal communications between blockchains. For more on Scallop, access its Litepaper and also visit its Twitter.

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