News17 August 2021

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

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
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