Scallop, the world’s first regulated DeFi neo-banking app, is set to close its first investment round of $2.5 million with participation from a bevy of institutional and angel investors. It is an innovative fintech ecosystem for users who want a faster, more efficient way to manage their crypto + fiat in a single place securely!
The round, led by Blackedge Capital, includes both new key investors and early backers of the business. Furthermore, Blackedge Capital adds Scallop to its portfolio of prominent blockchain startups, such as Public Mint and Coti. Another feather in the cap of the up-and-coming fintech startup bringing its services to the UK and Europe shortly. Scallop is the first project to be incubated by MahaDao and to utilize the ARTH token in hope to create the first inflation-proof bank account.
Scallop’s seed financing was bankrolled by a list of high-profile investors filling up the funding round, namely X21 Capital, BitcoinCom, Magnus Capital, Amesten Capital, Marketcross, KuCoin Labs, ZBS Capital, Solidity ventures, J8 ventures, AU21 and MahaDAO!
The latest round of funding will enable Scallop to continue enhancing its banking ecosystem, which includes an on/off ramp for a seamless two-way exchange between cryptocurrencies and fiat money.