The cryptocurrency world is now more accessible with the upsurge in the amount of DeFi platforms offering traditional financial services. Scallop is among the leaders in bringing this revolutionary change and may be the world’s first DeFi powered Banking-as-a-Service platform.

Scallop

It offers a wide variety of products that mimics traditional finance but with the touch of cryptocurrencies. The platform is taking crypto promotion to another scale by allowing the users to utilize crypto assets for day-to-day transactions and completely eliminating the necessity for converting crypto to fiat before use.

Banking-as-a-Service

Banking-as-a-Service is really a relatively old concept in traditional finance but quite new for the crypto world. Platforms such as for example Scallop can implement various banking technology solutions (Scallop Chain) using application programming interfaces (APIs).

A BaaS model allows the banking facility to connect to its global community and provide a more scalable architecture. A number of the great things about BaaS are:

  • BaaS is made for fintech and banks to quickly choose and implement various APIs and customize them based on the requirements. This enables the users control over their financial data and allows the platform to experiment in new regions of revenue.
  • BaaS allows the platform for connecting to various APIs and present users third-party access to improve the services.
  • Digital banking is really a product of BaaS since it allows the platform to supply financial services for an electronic platform. Scallop is a superb example of this benefit since it has integrated decentralized and centralized financial services.
  • BaaS permits a customized ecosystem and chooses the services the platform really wants to offer.
  • BaaS also acts as a security mechanism since it generally requires two-factor authentication. These services could be modified to match the platform and community must give the community the very best user experience.
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Scallop Chain

Scallop offers a selection of products that mimics traditional financial services but serves cryptocurrencies and fiat currencies. There’s a total of ten products generally known as Scallop ‘X’ and includes Scallop Earn, Scallop NFTs, Scallop Banking Accounts, Scallop Cards, Scallop Pay, Scallop Multi-Currency Wallets, Scallop Money Transfer, Scallop Exchange, Scallop Cold Wallet, and Scallop Chain.

Scallop Chain is a superb example of Banking-as-a-Service since it integrates with Scallop’s internal APIs to make a substrate based blockchain that powers Scallop’s suite of cross-chain financial loans.

Scallop uses Scallop Chain for connecting centralized finance institutions with cross-blockchain applications. The institutional partners will continue to work directly with Scallop and develop a large number of solutions, including custody services, interest-bearing saving accounts, debit cards and fiat on-ramp to crypto.

Banking-as-a-Service has been explored endlessly in the centralized financial solution. However, decentralized platforms are needs to adopt this service seeing its potential and importance. Scallop remains at the forefront of the adoption which, when paired with a suite of products, offer unparalleled services to the crypto community.

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