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DeFi Neo-Banking Platform Scallop Raises $2.5 Million

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Scallop is on the verge of completing its $2.5 million seed funding round led by Blackedge Capital. The funding round has also attracted investments from several institutional and angel investors, including X21 Capital. Solidity Ventures, Bitcoin.com, and Magnus Capital, amongst others, according to a press release on August 16, 2021.

Scallop Raises $2.5m to Accelerate DeFi Accessibility

Despite the growing popularity of decentralized finance (DeFi), there is still a huge gulf between the burgeoning DeFi space and the world of traditional finance, in terms of regulation, easy & frictionless accessibility, amongst other bottlenecks. 

In a bid to eliminate some of these challenges and significantly bridge the gap between DeFi and traditional finance, Scallop, an innovative DeFi neo-banking app and financial technology ecosystem regulated by Estonian authorities, has raised $2.5 million.

As stated in a press release shared with BTCManager, the funding round was led by Blackedge Capital, a crypto-friendly investment company that backs several successful blockchain projects, including Coti and Public Mint, with a plethora of highly reputed investors such as MahaDAO, ZBS Capital, J8 Ventures, Marketcross, Amesten Capital, Magnus Capital, and Bitcoin.com, also participating in the seed round

The Scallop Advantage

Scallop claims to be focused on offering its users DeFi-powered banking solutions in an all-in-one account that enables them to manage their cryptoassets and fiat in a faster, more efficient, and secure manner, thereby making people’s day-to-day lives more manageable, while also bringing crypto a step further into the mainstream.

With Scallop accounts, users will be able to pay for goods, set up direct debits, send or receive cross-border payments, and more. Scallop also comes with an in-built non-fungible tokens (NFT) marketplace where users can easily buy or sell their crypto-collectibles securely. And on top of that, Scallop users will also be able to earn the best interest rates from DeFi protocols like Compound and Aave.

Importantly, Scallop has already secured a license from Estonia’s financial regulators and the team claims it’s also on the verge of getting regulated by the UK’s Financial Conduct Authority (FCA) as an EMD for an Electronic Money Institution (EMI). That’s not all, Scallop says it’s also in talks with authorities in Europe to get it regulated as an Electronic Money Intermediary.  

In essence, Scallop’s services will not be available to investors in the United States for now.

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 crypto, without using crypto in the same way as fiat, the future is limited.”

The Scallop ecosystem will be powered by ARTH token.

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Source: https://btcmanager.com/defi-neo-banking-platform-scallop-2-5-million/

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XRP Lawsuit: Here’s Why Experts Think Ripple Could Win the Case Against SEC

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The XRP lawsuit filed by SEC against Ripple is drawing a near end, and nearly after 9 months of back and forth, experts have weighed in on the possible outcome of the case. The latest development in Ripple vs SEC case saw the defendants file for another seal motion for two exhibits from the Interrogatories Dispute, that the SEC filed under seal in support of its September 8, 2021, letter.

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On the other hand, SEC has also filed to seal 13 key documents that Ripple has demanded, claiming it to be internal documents that cannot be put in the public domain. The biggest point of conflict is with former SEC director William Hinman’s draft speech that claimed Ethereum turned into non-security over time as the network development made it more decentralized. However, SEC claims those comments were made by Hinman in a personal capacity and thus cannot be used by defendants as the ground to dismiss the case.

Legal Experts Claim Ripple Would Win the Case

The SEC’s threat to Coinbase over its unrelated lending product has unified the crypto community against the SEC and also highlighted the flaws of existing security regulations. Jhon E Deaton from CryptoLaw pointed towards the Hinman Speech regarding Ethereum could play in Ripple’s favor.

Charles Gasparino from Fox Business talked to the SEC regarding the logic behind going after XRP but not Ether (ETH), to which the enforcement agency gave quite a vague response. According to Gasparino, SEC claimed Ether had a well-developed ecosystem that was decentralized enough to be deemed as non-security. While Ripple’s infrastructure is still being built, thus the token being used is considered a security.

Gasparino however argued that the timing of the SEC lawsuit calls for scrutiny since the case was filed just days before former SEC chief Jay Clayton’s departure.

XRP proponents even claimed the decision to give Ethereum a free pass from regulatory scrutiny was based on personal gains for SEC executives including Hinman and Clayton. While Ripple has claimed it won’t go for the settlement as it is confident of its chances, the outcome of the case could define the future of crypto regulations in the US.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/xrp-lawsuit-heres-why-experts-think-ripple-could-win-the-case-against-sec/

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Blockchain

Sellers hold the aces in Ethereum Classic’s market, but it might not be game over

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

There hasn’t been much interest from retail traders in Ethereum Classic’s market. As a result, low volatility has kept the price restricted within the channel of $53.8 and $60.6 over the past week and a half. However, ETC has been taking shape within a symmetrical triangle. It presented chances of an incoming price swing.

Considering the current market dynamics, sellers can be expected to tip the scales in their favor, but a bullish argument also seems justifiable. At the time of writing, ETC was valued at $57.7, down by a marginal 0.5% over the last 24 hours.

Ethereum Classic 4-hour Chart

Source: ETC/USD, TradingView

A series of lower highs and higher lows gave rise to a symmetrical triangle on ETC’s 4-hour chart. The pattern was considered bearish in this situation since it took shape right after 7 September’s drawdown. Moreover, sellers would face the easier task of triggering a breakdown from this setup. The daily 20 and 50 Simple Moving Average lines ran bearish as momentum aided the bears.

If the price does break below the lower trendline, a 13% decline would be possible towards the $48-mark. A close under $53.5 would confirm such an outcome.

On the other hand, a few of ETC’s indicators seemed to disagree with such a prediction. If the triangle functions as a reversal pattern, ETC would eye a 7% hike to 8 August’s swing high of $63.4. A close above $59 on relatively stronger volumes would heighten the chances of a bullish prediction.

Reasoning 

A look at ETC’s On Balance Volume painted a rather concerning picture. Based on its recent trajectory, there has been a dearth of buying pressure in the market, with sellers maintaining an advantage. However, a few other indicators seemed to disagree.

Higher lows were observed on the RSI after it recovered from an overbought reading 10 days ago. The index even managed to climb above 60 recently – A sign that the market was strengthening.

Such a trajectory was also seen on the MACD. The index climbed towards the half-line, although momentum was flat over the past few sessions.

Conclusion

As ETC oscillated within a symmetrical triangle, its indicators flashed mixed signals and a breakout in either direction can be expected at this point. Although chances of a downwards move seemed higher, a bullish outcome cannot be discounted.

Traders should keep an eye on the aforementioned levels to get a better understanding of where ETC is heading.

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Source: https://ambcrypto.com/sellers-hold-the-aces-in-ethereum-classics-market-but-it-might-not-be-game-over

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MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily

MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily

Rate this post MIOTA (IOTA) is a distributed ledger on the proprietary technology which is known as Tangle. There is no fee that has to be paid to the miners because it is not built on blockchain, and it does not require mining. IOTA allows safe and secure transactions which are recorded immutably on the network. Let us look at the technical analysis of IOTA. Past Performance On 11th September 2021, IOTA started trading the day at $1.54 and on 17th September 2021, it closed at $1.74. Thus, in the past week, not much change has been measured in the IOTA price range. In the last 24 hours, IOTA has traded between $1.49-$1.76. https://www.tradingview.com/x/UKThRKwE/ MIOTA Technical Analysis At the time of writing, IOTA is trading at $1.68 and has increased approximately by 12.31% in the past 24 hours. Since 2nd September, IOTA broke out of its long-term resistance and created support at around $1.41 level. This might be an accumulation period as the volume has also increased by almost 200% during the same time, indicating a trend reversal. The MACD is currently completing its bearish crossover after a small pullback to the support level going forward we might see a bullish trend. The lines are above the zero range. Thus, suggesting a buy on this token. The Relative Strength Index has been pulled towards its support zone, near the equilibrium. Thus, indicating the sellers are dominating the market. After this strong accumulation period is over, the price can retest the resistance level. A breakout from that level will indicate a bullish strength. Day-Ahead and Tomorrow  As per the Fibonacci pivot levels, the MIOTA price is trading above the support level of $1.41. It has tested the level twice on the daily chart. And has bounced back from the support level. If the price crosses this level on the downside, traders can short the position with an immediate target of $1.17 and the stop loss at $1.46. On the other hand, if the price bounces back from this support level, traders can take a long position keeping the target at $1.98 followed by $2.12 and the ideal stop-loss level would be $1.77.

The post MIOTA Technical Analysis: Trading Above the Support Level of $1.41, Tested the Level Twice Daily appeared first on Cryptoknowmics-Crypto News and Media Platform.

Published

on

MIOTA (IOTA) is a distributed ledger on the proprietary technology which is known as Tangle. There is no fee that has to be paid to the miners because it is not built on blockchain, and it does not require mining. IOTA allows safe and secure transactions which are recorded immutably on the network. Let us look at the technical analysis of IOTA.

Past Performance

On 11th September 2021, IOTA started trading the day at $1.54 and on 17th September 2021, it closed at $1.74. Thus, in the past week, not much change has been measured in the IOTA price range. In the last 24 hours, IOTA has traded between $1.49-$1.76.

TradingView Chart

MIOTA Technical Analysis

At the time of writing, IOTA is trading at $1.68 and has increased approximately by 12.31% in the past 24 hours. Since 2nd September, IOTA broke out of its long-term resistance and created support at around $1.41 level. This might be an accumulation period as the volume has also increased by almost 200% during the same time, indicating a trend reversal.

The MACD is currently completing its bearish crossover after a small pullback to the support level going forward we might see a bullish trend. The lines are above the zero range. Thus, suggesting a buy on this token.

The Relative Strength Index has been pulled towards its support zone, near the equilibrium. Thus, indicating the sellers are dominating the market. After this strong accumulation period is over, the price can retest the resistance level. A breakout from that level will indicate a bullish strength.

Day-Ahead and Tomorrow 

As per the Fibonacci pivot levels, the MIOTA price is trading above the support level of $1.41. It has tested the level twice on the daily chart. And has bounced back from the support level. If the price crosses this level on the downside, traders can short the position with an immediate target of $1.17 and the stop loss at $1.46.

On the other hand, if the price bounces back from this support level, traders can take a long position keeping the target at $1.98 followed by $2.12 and the ideal stop-loss level would be $1.77.

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Source: https://www.cryptoknowmics.com/news/miota-technical-analysis-trading-above-the-support-level-of-1-41-tested-the-level-twice-daily/

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