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How Scallop Intends to Take on The Global Banking Industry

The world’s banking industry is ever-evolving, with new trends and disruptive opportunities emerging every year. In 2020, the global pandemic gave rise to a large shift in consumer behavior in almost every industry. For banking, like many others, this was a shift to online or digital operations, as in-person service was inevitably no longer viable. […]

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The world’s banking industry is ever-evolving, with new trends and disruptive opportunities emerging every year. In 2020, the global pandemic gave rise to a large shift in consumer behavior in almost every industry. For banking, like many others, this was a shift to online or digital operations, as in-person service was inevitably no longer viable. Though the banking sector retains a great deal of influence in the digital space, e-solutions such as CashApp and Wirex are increasingly prominent, as well as crypto-native exchanges, protocols and apps.

Cryptocurrency is the hot topic on everyone’s lips, which is no surprise given Bitcoin’s market cap high of $1 trillion dollars this past year – higher than that of any bank in the world. This was aided by MasterCard and PayPal announcing that they would begin to welcome Bitcoin, Ethereum and Litecoin on its networks. According to Ronit Ghoti of Citi, in their latest Future of Money report, “money is entering a format war” – and it would seem that these two payment giants are hedging on a digital/crypto victory.

Crypto-Banking Industry

Experts believe that the crypto-banking market will grow at a rate of 6.30% in the next five years. This growth will be largely influenced by increasing remittances in developing economies, the prevalence of initial » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin offering purchase machines, the rising number of fluctuations in monetary regulations and increased awareness.

Similarly, the growing acceptance of cryptocurrencies in different industries backed with venture capital investment will help further boost various growth opportunities. The emerging high-value subsector here is ‘DeFi’ (decentralised finance). DeFi refers to financial applications in cryptocurrency or blockchain which aim to disrupt financial intermediaries. With no central authority, users interact with financial instruments using smart contracts – thus removing the need to trust financial or corporate middlemen. DeFi protocols and platforms allow users to deposit crypto and earn high-interest yields on the savings, as well as borrowing and lending them out.

Over the last 12 months, the total value locked (TVL) on DeFi protocols has increased 8300% from $980m to $87bn. Institutional capital has poured into this untapped sector previously inhabited by only a minority of the crypto world.

Scallop vs Traditional Banks

Scallop is the ‘World’s First De-Fi Powered Neobank’ whose mission is to accelerate the world’s transition to a more decentralised and equitable financial system. The traditional banking sector is facing its greatest challenge to date in the form of technology and social behavioural shifts away from centralised powers. As such, a banking platform that offers both digital and decentralisation to its users could unveil the future of how we bank. Scallop has global plans to take on the global banking industry, with their recently announced roadmap detailing product launch in the EU and UK in September and expansion into Asia in Q1 2022.

Scallop is FCA registered and provides a platform where users can quickly and securely manage crypto and fiat assets in a single place. It provides a seamless on/off-ramp for the conversion of fiat into crypto and vice versa. The platform has various tools such as Scallop Pay and Scallop Cards which seamlessly integrate crypto and DeFi assets with real-world applications. For instance, for the first time ever, users can use a Scallop Card to purchase any goods or services directly with their crypto assets without having to sell first to fiat and then send it back to their bank to use. Scallops innovative technology will handle all parts of the conversion process on the backend, allowing users to just tap their card on the front end.

Scallop will offer both a Personal and Business Banking Account that can be opened in just minutes with AI-powered KYC. These accounts work in the same way as traditional banking accounts but with additional DeFi powered possibilities. With ‘Scallop Earn’ users can access DeFi protocols such as Compound, Aave and dYdX directly from the app and earn high yields of (6-15%) on their assets, with multiple APYs to choose from.

Further DeFi and Banking Products will include: Scallop Exchange, Scallop Hardware Wallet, Scallop Chain, Scallop NFT and Scallop Token (SCLP)

The banking industry is yet to see the full disruptive potential of crypto. However, Scallop is joining the likes of Paypal and others who are making significant strides in challenging the traditional frameworks as we know them. As recently expressed in Forbes – ‘The big banks had better pay attention. Silicon Valley has not only arrived, but it has also brought its friends, the global decentralized digital finance gang’.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/news/company/how-scallop-intends-to-take-on-the-global-banking-industry/

Blockchain

Worrying Sign for Bitcoin in the Short-Term: Exchanges Netflows

High exchange netflows and low trading volume might be a cause for worry, according to an analyst.

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Some worrying signs are starting to appear for bitcoin’s price, at least in a short-term time frame. That’s according to a well-known analyst.

  • The price for BTC has been wobbly recently, with it being unable to decisively break out in any direction.
  • Last week, we saw bitcoin dipping as low as $31K only to recover and touch $38,500 days later.
  • Now, however, the primary cryptocurrency is trading at around $35,500 for a 4% loss on the day.
  • Commenting on the most recent price action was Ki Young Ju, the CEO at crypto analytics company CryptoQuant.

One thing that makes me worried about BTC is exchange netflows. There are many bitcoins are flowing into exchanges lately but the trading volume is still relatively low. BTC needs more trading volume to digest increasing exchange inflows.

exchange_netflows_btc
Source: CryptoQuant
  • To clarify, exchange inflows and outflows are important to monitor because they reveal the short-term potential of selling.
  • If there are many bitcoins sitting on exchanges, this means that there are many bitcoins that can be sold relatively quickly – larger investors don’t keep their bitcoins on exchanges unless they want to be able to dispose of them quickly.
  • On the other hand, if there are bigger outflows, this means that people are moving their BTC out of the exchange to hot or cold storage, potentially indicating a less significant intent to sell.
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Source: https://cryptopotato.com/worrying-sign-for-bitcoin-in-the-short-term-exchanges-netflows/

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Dave Portnoy Disasgrees with Donald Trump That Bitcoin is a Scam

Barstool Sports founder Dave Portnoy said he disagrees with Donald Trump and that bitcoin’s not a scam.

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The CEO and founder of Barstool Sports – Dave Portnoy – admitted that at the beginning, he thought Bitcoin was a ”Ponzi scheme.” Eventually, he changed his stance and even opposed Donald Trump, who called the primary cryptocurrency a ”scam.”

Trump Is Wrong

In a recent interview for ”Varney & Co,” the founder of Barstool Sports – Dave Portnoy – shared his current view on bitcoin and the crypto market. He revealed that years ago, when the primary digital asset was introduced, it looked like a ”Ponzi scheme” to him, but later he started realizing its merit:

”I thought when Bitcoin was first introduced and for a long time that it was a Ponzi scheme. I’ve come around on it. It’s too widely accepted, there are too many people using it, too many big people believe in it, too many stores accepting it. There’s liquidity. You can get in and out of it easily.”

Recently, the ex-US president Donald Trump said Bitcoin looks like a scam and backed up the dollar as the ”world’s currency.” Portnoy opposed Trump even though he also had his doubts about the asset in its first years :

”I don’t know what it started as, but I certainly wouldn’t say it’s a scam now.”

Later on, the founder of Barstool Sports commented on the recent decline of the crypto market. He raised hopes that soon enough, digital assets will increase their fiat currency value. In his opinion, investors should be patient with them and hold on ”for the long game:.”

”Crypto isn’t going anywhere but it’s hard to brag about how great everything is going when you are down 50%.”

Portnoy’s Change of Heart

In September 2020, Portnoy pointed out that bitcoin lacks accountability due to the anonymity of Satoshi Nakamoto. As a result, if investors end up losing money or being scammed, they would prefer to know who’s the person behind the entire operation. He went even further, calling it ”one big Ponzi scheme.”


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It is worth mentioning that at some point, Dave Portnoy invested in the primary digital asset. He tweeted about a loss of $25,000 and stated that he currently owns zero bitcoins. Additionally, he vowed to interact with the stock market rather than the crypto one:

”I don’t need this. I know how the stock market works. I own the stock market. This Bitcoin – I don’t trust this market at all.”

In any case, it now seems that he has changed his stance on the primary cryptocurrency and he even flat-out said that he was wrong about it.

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Source: https://cryptopotato.com/dave-portnoy-disasgrees-with-donald-trump-that-bitcoin-is-a-scam/

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Rich Millennials Have a Large Chunk of Their Wealth in Crypto: CNBC Survey

47% of millennial millionaires have invested at least 25% of their wealth in the cryptocurrency market.

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Nearly half of the young investors with at least $1 million in their portfolio responded that they had located a large share of their funds in cryptocurrencies. Older generations, though, prefer fiat money.

Crypto Is a Trend among The Millennials

According to a CNBC survey with 750 participants, almost 50% of millennial millionaires have invested at least 1/4 of their wealth in cryptocurrencies. In comparison, more than 30% of them have located at least half of their assets in crypto. The company, which conducted the analysis, was Spectrum Group. Its president – George Walper – explained why the younger generations find the market so tempting:

”The younger investors jumped on it early when it was not as well know. They were more intellectually engaged with the idea even though it was new.”

On the other hand, the majority of older investors owning at least $1 million are not fond of digital assets as 83% of them do not believe in the crypto market and have none of their wealth in it. As a matter of fact, only 1 in every 10 keeps more than 10% of their funds in cryptocurrencies:

”Older investors and the boomers were largely saying ‘Is this legit?’ Older generations are further behind on the understanding.”

In addition, nearly half of millennial millionaires revealed owning NFTs while 40% consider it as a future option. Interestingly, most survey participants were not familiar with what exactly non-fungible tokens are, but they still described them as ”the next big thing.”

14% of Americans Own Crypto

At the end of April, the Winklevoss-run crypto exchange Gemini conducted another survey indicating that roughly 14% of US citizens had purchased digital assets. Two-thirds of the respondents classified themselves as ”crypto curious” while 23 went into the “disinterested” graph.


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Somewhat expectedly, bitcoin (BTC) has remained the most popular cryptocurrency as nearly all questioned people (95%) answered that they are familiar with it. 87% of those who have invested said that BTC is what they own. The Americans showed good knowledge of altcoins too, as 36% have put some of their wealth in ether (ETH), 22% in Bitcoin Cash (BCH), and 16% in Litecoin (LTC).

Like the CNBC survey, Gemini found out that most crypto investors are young people between 25 and 44. According to the collected data, the trading venue noted that ”the ”average” cryptocurrency owner is a 38-year-old male making approximately $111K a year.”

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Source: https://cryptopotato.com/rich-millennials-have-a-large-chunk-of-their-wealth-in-crypto-cnbc-survey/

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Texas Banks Can Now Provide Bitcoin Custody Services For Clients

Texas banks have received greenlight to store bitcoin and other crypto-assets for customers.

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With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients.

Texas Banks to Hold Bitcoin

In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable law.”

The financial agency also explained that since these digital currencies exist on the blockchain, holders will have to access them using private keys.

As a result, banks can either store clients’ private keys for them or hold the crypto assets in the bank’s custody, with total control over its new private keys. Whichever way, the decision is entirely up to the bank.

“As with the method of custody services, several secure storage options are available to the bank, each of which has distinctive characteristics pertaining to the level of security and accessibility. The bank will have to determine which storage option best fits the circumstances.”

Banks Can Partner Crypto Exchanges

The agency also stated that the bank needs to confirm the existence of adequate coverage with its insurance carrier to guarantee the safety of clients’ crypto assets.


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To be on the safe side, banks are advised to seek professional knowledge of the risks associated with dealing with cryptocurrencies.

The Texas Department of Banking also said that banks can partner with cryptocurrency exchanges to help them provide these services to their clients.

While crypto businesses might see this as a new and welcome development, the agency noted that it is not entirely new within its department.

“Texas state-chartered banks have long provided their customers with safekeeping and custody services for a variety of assets,” the regulator wrote.

“While custody and safekeeping of virtual currencies will necessarily differ from that associated with more traditional assets, the Texas Department of Banking believes that the authority to provide these services with respect to virtual currencies already exists pursuant to Texas Finance Code § 32.001.”

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/texas-banks-can-now-provide-bitcoin-custody-services-for-clients/

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