- Scallop is set to close its first investment round of $2.5 million
- Blackedge Capital led the funding round.
- Also, Blackedge Capital added Scallop to its portfolio of prominent blockchain startups
The round was led by Blackedge Capital and included new investors as well as early backers of the business. Not just this but Blackedge Capital also added Scallop to its list of successful blockchain startups.
The funding round saw an attendance of various high-profile investors. These included X21 Capital, Bitcoin.com, Magnus Capital, Amesten Capital, Marketcross, ZBS Capital, Solidity ventures, J8 ventures, and MahaDAO.
Scallop will leverage the ARTH token and work towards creating the first inflation-proof bank account. With the funds raised, the team will advance its mission to bridge the gap between traditional regulation of finance and accessibility through DeFi. The startup is also the first project to be incubated by MahaDAO.
Both heads of Scallop and MahaDao shared their excitement on this. According to Pranay Sanghavi, Co-Creator at MahaDAO,
“We’re thrilled to back Scallop as they are innovatively addressing a major obstacle in both the crypto and banking world, and are creating a next generation banking ecosystem in a smooth and seamless manner. The team at Scallop are highly talented, and I can’t wait for them to share with the world their amazing vision.”
Of note, Scallop offers a fast, efficient way for users to manage their crypto and fiat in one place securely. Scallop’s vision is to offer banking products powered by DeFi that would benefit everyday lives and bring cryptocurrency into the mainstream.
The service allows clients to make regular payments, set up direct debits, and send and receive international money transfers through its accounts. It is an innovative solution to improve global financial equality.