From a Web3 Payment Suite to an all-in-one RWA Chain 💳

Scallop is the world’s first public blockchain network supporting KYC & AML on-chain. It enables retail users & institutions to tokenise on-chain real-world assets (RWAs) by building on a MiCA-compliant infrastructure with bank-grade security.

💸 A Highly Mature Web3 Payments Suite:

When we met Raj Bagadi and team, we were impressed with the maturity of their Web3 payments product suite. While competitors existed in the realms of banking and DeFi separately, Scallop was the first to offer a comprehensive solution that unites both worlds under a single roof.

🛣️ A conundrum: which GTM path to take?

There were several paths that Scallop could take owing to their various areas of expertise and product lines, including that of a regulated chain, a crypto wallet with IBAN, cards, FX remittances etc. However they needed a single clear narrative to focus on, which was yet to be decided.

There was a fork in the road - what direction should they go ahead with? 🤔 

⚒️ Building Strategic Focus:

🔍 During their acceleration at Symbiote, we had multiple discussions with the team helping narrow down & focus on a single GTM strategy. 

We also discussed with the team what the Scallop ecosystem should look like. Additionally we consulted the team on chain dynamics, token economics and launch plans.

🚀 Post discussion, the team is now focused on a single area that holds tremendous potential - that of a Real World Assets (RWA) chain with varied use cases. This has brought immense clarity for the team and they are marching full steam ahead in this direction.

Read on to know more about Scallop and their story 🍿 👇

Raj and the Scallop Story : From Aerospace to Fintech to DeFi 🛫

In the heart of the UK, Raj leads the charge at Scallop. His journey, a tale of perseverance and innovation, is emblematic of Scallop's commitment to reshaping the financial landscape for the better by making DeFi more accessible to everyone.

With a Bachelor's degree in Aerospace Engineering and a Master's in Aerospace Technology, Raj rose through the ranks at Ford and Airbus, leaving his mark on the aviation industry.

Transitioning into finance, he delved deep into regulatory landscapes and anti-money laundering protocols, gaining invaluable insights into the intricacies of the financial world.

💬 Here is how Raj describes his entry into the world of finance and then subsequently blockchain in an interview-

“My step into the finance world then began on the regulatory side. There I learnt much about anti-money laundering and the compliance banks needed to operate. I had a brain trained to identify the restructuring of systems and structures and how they could be improved or solved, so it was a good fit.

By this time, Bitcoin had emerged and I found this new form of money fascinating, along with the potential of the underlying blockchain technology. It wasn’t as well known yet as it is today (in the form of cryptocurrencies) but after a lot of research, I was sure the technology could have a positive effect on the future.”

💡 Born in the Pandemic, with a Vision to Democratize Accessibility for DeFi

Scallop was founded in July 2020, in the midst of the global pandemic. Whilst this was indeed a tough time for many companies, there was light at the end of the tunnel for Scallop…

“For Scallop, it was quite different (the negative effect of the pandemic). The exponential growth of crypto helped our cause as we’re the only neobank that fully offers crypto services in the same way that online exchanges and platforms do.”, Raj said 💬.

Scallop offers a groundbreaking ecosystem that empowers users to manage crypto and fiat currencies seamlessly. Through Scallop's cutting-edge products, users navigate a unified interface, effortlessly accessing and utilizing their digital assets in real-life scenarios.

 🌟 Scallop's mission is to democratize financial services, making decentralized finance accessible to all. And this is one core tenet that we at Symbiote strongly resonate with.

🤝 Scallop Highlights

A MATURE PAYMENTS PRODUCT SUITE 💳

Scallop has a mature product set in the Web3 payments space (the wallet with IBAN, cards, remittances for 20+ currencies etc.). While competitors exist in the realms of banking and DeFi separately, Scallop is the first to offer a comprehensive solution that unites both worlds under a single roof.

STRONG PARTNERSHIPS & $150M TARGET MARKET 💹

With a target market of 150M+ users and strategic partnerships with industry leaders like VISA and OKX, Scallop is at the forefront of the convergence of traditional and decentralized finance.

THE SCALLOP FAN CLUB 🎇

Also highly notable is a user base who adores their products. We’ve rarely seen such an enthusiastic community for a Web3 product who rave about the product non-stop.

Scallop card users love showing it off on Twitter! 👇️ 

We loved the UX of their wallet immediately too. Want to convert crypto/stables into fiat and send it directly to your bank account? It’s a piece of cake. We can get why the fans can’t stop talking about their Scallop products!

📌 Managing Community FUD: Scallop x Symbiote Community Strategists 📌 

Every community does have its challenging moments, it’s not always sunshine and rainbows 🌈  

⚔️ At a crucial point post-launch, there was some baseless FUD circulating, with narratives and sentiments spiraling downward. At this critical juncture our community experts partnered with the Scallop marketing team and devised a plan which helped clear out FUD. 

Following this, we have also advised them on best practices for growth, HR, and community management. These conversations have repositioned the Scallop community for a massive growth and engagement boost.

THE TIDES ARE SHIFTING - AND SCALLOP IS PERFECTLY POSITIONED 🌊

Regulation in crypto/Web3 started accelerating in 2023 and looks to continue in one direction only - that of more, not less regulation. The fact that Scallop has multiple licenses ready, with more in the pipeline, is a fantastic position to be in.

Not to mention - their team and advisors have deep experience in compliance and risk. Raj is a Certified AML Specialist. On the advisory side, Gilbert Van Roon & Kayne Osbourne have deep experience in compliance; and Nicodemus Nyamupachitu was Director, Finance at Visa Europe.

As Scallop marches on their vision to democratize financial accessibility, we at Symbiote aim to continually support and push the team forward in its endeavors.

We’re sure Scallop will reach the top of the world before long…

Wait, what if they already have? 😉 

"It's never easy but always worth it. We've already reached the tallest peak Everest; we're definitely aiming for the moon next!" says Raj Bagadi, the CEO of Scallop.

About Symbiote

The Web3 ecosystem is plagued by funding gaps and a dearth of tailored support. Symbiote aims to be the antidote 💉 

Here are the key differentiators in Symbiote’s program.

• 12-week tailored program designed for individual project needs.

• Sprint-based model for high-paced, measured results.

• Focus on instilling confidence in startups to navigate the dynamic crypto market.

• Real-time project insights via cutting-edge analytical tools.

• Knowledge center providing detailed connections, past performance, and future plans.

• Access to an extensive ecosystem with 50+ Mentors, 450+ Partners, 150+ Investors and a fast growing 110k+ Global Community

👀 We just announced our first cohort, check it out below 👇️ 

👉️ Apply for the next cohort here.