NewsAug 17

“DeFi neobank” Scallop secures a $2.5 Million Funding from Top Venture Capitalists

defi-news_iiqp/njYWq577R.jpeg
DeFi Neobank, Scallop

Summary

  • Scallop secures $2.5 million funding from venture capitalists
  • Veteran blockchain-based venture capitalist Blackedge Capital led the crowdfunding
  • Scallop users will be able to use digital assets for real-world transactions

Top venture capitalists have made a decision to give fresh funding to DeFi app Scallop as angel investors and institutions show enthusiasm about the future of the app.

According to a shared press release, Scallop plans to close its funding strategy round once this $2.5 million fund is secured. Some of the investors who supported this round of funding include Blackedge capital, a well-established venture capital, and digital assets investors like Bitcoin.com, X21 Capital, Magnus Capital, Marketcross, Amesten Capital, ZBS Capital, MahaDA, J8 ventures, and Solidity ventures.

Scallop is a digital finance app for retailers, the first-ever startup to be incubated under MahaDAO. According to the CEO and founder Raj Bagadi, this funding will enable Scallop users to use digital assets for real-world transactions for the first time, seeing this as a huge step for the future of cryptocurrencies.

Bridging the fiat-crypto gap in retail banking

MahaDAO co-creator Pranay Sanghavi says that the company is thrilled to support Scallop as they address a major obstacle that continues to separate cryptocurrencies and banking. They look forward to being part of creating the next-generation banking ecosystem.

Scallop is a platform geared towards making leading DeFi solutions mainstream by offering a one-in-all integrated banking ecosystem. It combines the benefits of the products provided under DeFi and CeFi ecosystems to deliver the best digital banking services to cryptocurrency investors.

Kibet Elikana
Form placeholder