Categories: Press Releases

DeFi Neo-banking App Scallop is set to Close Its $2.5m Seed Funding Round Led By Blackedge Capital

London, United Kingdom, 16th August, 2021,

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.

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,, Magnus Capital, Amesten Capital, Marketcross, KuCoin Labs, ZBS Capital, Solidity ventures, J8 ventures, and MahaDAO. All contributions will help the team advance its mission of bridging the gap between regulation in traditional finance and accessibility through decentralized finance. Cryptocurrencies and fiat money never have to be mutually exclusive. 

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. 

Scallop was founded with the vision to offer DeFi powered banking products that make day-to-day lives more manageable and bring cryptocurrency further into the mainstream. Clients can use its accounts for regular activities such as paying for goods, setting up direct debits, and sending or receiving international money transfers. This functionality will be accessible to users across both CeFi and DeFi, creating a powerful solution to improve global financial equality. 

Authorised by the Estonian regulator and Scallop group is lawfully entitled to provide virtual currency exchange and wallet services. Under process to get regulated by FCA as an EMD for an Electronic Money Institution (EMI) in the UK and as Electronic Money Intermediary in Europe, Scallop provides traditional banking services using cryptocurrencies. The regulatory aspect is crucial for Scallop, as it brings more legitimacy to the cryptocurrency side of their business. 

Raj Bagadi, CEO and Founder at Scallop, said:

“Scallop’s mission is to accelerate the global transition to a more decentralized and equitable financial system. Therefore, there is a requirement for a banking infrastructure that bridges the crypto and fiat worlds. Scallop will allow its users to use their digital assets in the real world for the very first time. This is a major step for any foreseeable future of cryptocurrencies; without using crypto in the same way as fiat, the future is limited. 

Pranay Sanghavi, Co-Creator at MahaDAO added: 

To be able to incubate and invest in an ultra-high-scale project like Scallop at this early stage is amazing for us. 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.”

About Scallop

Scallop is an innovative fintech ecosystem for users who want a faster, more efficient way to manage their crypto + fiat in a single place securely. Our mission is to bring digital assets into mainstream use and bridge the gap between decentralized and traditional finance. 

Scallop allows users to buy, sell and leverage digital content using a built-in NFT marketplace synced with accounts, providing an extra layer of security and peace of mind. They also can earn the best interest rates from DeFi protocols like Compound and Aave with all the utility and none of the complexity. For more information visit

  • Karampal Singh

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.


Published by

Recent Posts

Crypto News: Rocketize On The BNB Chain And XRP Are Top Gainers To Add To Your Portfolio

The crypto landscape has been filled with highs and lows since the beginning of the…

25 mins ago

The Three Cryptocurrencies That Traders Could Swear By To Be Crypto Kings Soon Are Decentraland, Huobi, and Big Eyes Coin

The relevant thing you need to know before reading on is this short story: "At…

25 mins ago

Why Is Big Eyes Here To Stay? Enjoy A Deep Dive Into Purpose-Driven Currencies: Big Eyes, The Sandbox, And Litecoin

Introduction Is cryptocurrency some sort of a holy grail that grants everyone everything they wish…

25 mins ago

How To Go Up In A Falling Market? Ethereum And Unus Sed Leo Should Watch And Learn From Big Eyes

Introduction If you have invested in a crypto market, you must be aware that if…

25 mins ago

Big Eyes Could Make You A Top Gainer Soon, As Chainlink And Compound Show Signs Of Potential Price Increase

Keeping an eye on promising crypto assets could be a worthwhile effort in the coming…

25 mins ago

Meet the Crypto Market’s Potential Favorite Coins: Cryptoons, Avalanche, and Unus Sed Leo

Cryptocurrencies and blockchain technology have been the subject of constant discussion among enthusiasts in the…

25 mins ago