Scallop, a digital money platform that bridges the worlds of fiat and crypto, recently opened its waitlist for its digital banking mobile app. This waiting list was for both individuals and institutions who want to enjoy the benefits of the app.
Now, it has been reported that more than 100,000 people have signed up for the app, as well as various institutions with successful referrals. The management of Scallop has clarified that the app’s launch date will be announced soon.
The positive public response seems to be indicative of the app’s public appeal. Some of the features of the app include free bank accounts for users to send and receive money through and also for setting up direct debits. This is not limited to fiat currency alone as Scallop also connects to digital wallets, allowing users to conduct fiat and crypto transactions from the same app.
Notably, Scallop also boasts of having a free virtual debit card through which users can spend fiat and crypto both online and in-store. Scallop’s in-built exchange system also manages the conversions from fiat to crypto and vice versa.
For a lot of people, managing both their fiat and crypto finances can prove to be a hassle and Scallop is offering a convenient way to solve this issue. With the response that the waiting list has gotten, the app itself is likely to be widely used upon its launch.
Scallop is a Decentralized Finance (Defi) banking application, allowing both retail and institutional participants to access the benefits of decentralized ecosystems, with the convenience of traditional bank accounts.
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Source: Cryptocurrency - investing.com
