Top VCs have shown their support to the first regulated DeFi app, Scallop, in a fresh round of funding. Both the institutional and unrecognized investors are more than passionate about the vision and mission of the product.
DeFi Neobank $2.5 Million Funding
Based on the press release of the company, the one-stop retail users’ finance application, Scallop, is set to conclude its $2.5 million strategic funding.
Reputable blockchain-oriented venture capitalist Blackedge Capital is leading the funding round. The VC is recognized as the early supporter of the likes of Coti and Public Mint application.
Also, the crypto heavyweights, X21 Capital, Magnus Capital, ZBS Capital, Bitcoin.com, Marketcross, Solidity ventures, MahaDAO, Amesten Capital, and J8 ventures supported this funding round.
Scallop is the first startup ever to be supported and incubated by MahaDAO as it is using its basic native token, ARTH to launch its first-ever inflation-proof bank account.
The founder and CEO of Scallop, Raj Bagadi, stresses the essence of this funding round for the whole segment of the B2C (Business-to-Customer)-focused decentralized solutions:
He said, “Scallop will enable its clients for the first time to make use of their digital assets in the real world. This is a substantial step for a reasonable future in the crypto space; without engaging crypto like fiat, there is a limitation in the future.”
Bridging the Fiat, Crypto gap in Retail Banking
The co-creator of MahaDAO, Pranay Sanghavi, stressed the potential of the engineers backing the new project and its contribution to addressing the major setback in crypto adoption.
He said: “We are happy to support Scallop as they are addressing the main obstacle in the banking and crypto world innovatively and are establishing the next generation banking system seamlessly and smoothly. The Scallop Dev team are quite talented, and I cannot wait to have them share the vision with the world.”
Scallop was released to set the major DeFi solutions mainstream by fusing them into the banking ecosystem. It also combines the benefits of DeFi and CeFi products to deliver digital financial services to both professionals in the crypto space and even the newbies.
The instruments from Scallop will allow customers to receive and send value, perform basic borrowing and lending operations, clear trans-border money transactions, and many others.