Introducing Scallop Pay and How it Works:
Currently, there exists an irritating time lag if you want to spend your cryptocurrency. You must first sell it for your native fiat currency, then deposit that fiat into your bank account on whichever crypto exchange you use, then wait for your bank to clear that deposit and then finally you are able to spend it.
Say you want to do something simple, like buy some eggs. There’s no EGGS/ETH pair, and even if there was, it’d be a coin and not actual food! Crypto users are still forced to use the legal tender and have to convert their crypto back into fiat to make this purchase, a real problem given the current convoluted process; moving from any altcoins to ETH, ETH to CEX, transferring funds out to bank account, waiting for funds to settle, then buying eggs.
So people have to keep some money in crypto, and some money in their bank, with neither being fully effective. Having two separate systems requires a balance between maintaining the two, and any misjudgement costs time and money. Crypto users hope businesses will one day take crypto, but for the foreseeable future, they’ll be wanting fiat.
Introducing Scallop Pay
As the first De-Fi enabled banking platform, Scallop provides a simple and eloquent solution to this problem. Our backend technology will instantly process each one of these transactions for you, converting your cryptocurrency of choice into fiat, immediately for vendors to receive, even if they don’t accept cryptocurrencies themselves for payments. Scallop Pay is the first ever regulated solution for this increasingly painful real world problem.
Scallop will issue its users with a virtual or physical debit card which will enable these transactions over Scallop Pay, which users can use in exactly the same way that they use their current fiat cards. Scallop Pay will support the exchange of both cryptocurrency tokens and liquidity pool (LP) tokens staked in De-Fi protocols, so that wherever your tokens are in the crypto world, you still have easy access to them and the ability to use them instantaneously.
Beyond Transactions: Creating Crypto Payment Infrastructure
A cryptocurrency payment gateway is a framework that helps establish a network in which multiple traders with diverse portfolios can co-exist by leveraging the many benefits of smart contracts.
It also provides a secure environment while trading online without interfering with the transaction speed. This is beneficial for both enterprises and individuals who are keen to embrace cryptocurrencies as a fintech product.
Scallop Pay bridges De-Fi with traditional banking and is at the centre of Scallop’s mission to accelerate the world’s transition to a more decentralised and equitable financial system
