HomeNewsBreaking News: Polkadot, Pendulum, and Scallop Join Hands to Reshape the Future...

Breaking News: Polkadot, Pendulum, and Scallop Join Hands to Reshape the Future of Onchain Banking

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  • Pendulum and Scallop have embarked on a strategic collaboration, revolutionizing the blockchain industry and promoting financial inclusion by bridging traditional finance and DeFi.
  • The partnership merges Scallop’s cross-chain banking protocol with Pendulum’s fiat-optimized smart contract blockchain, enabling a seamless transition for traditional finance users into the blockchain universe.

The blockchain industry is witnessing a ground-breaking revolution as Pendulum and Scallop unveil their strategic partnership aimed at fostering financial inclusion. The alliance unites the expertise and technologies of both partners, effectively bridging the gap between conventional finance and the thriving world of DeFi.

Enhancing Financial Services with DeFi Innovation

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Scallop, with its cross-chain banking protocol, offers a range of banking products that integrate a fast Byzantine fault tolerance blockchain along with a core KYC & AML module. This technology, bolstered by ZK Rollups and selective asset privacy features, synchronizes with Pendulum’s fiat-optimized smart contract blockchain, which is built upon Polkadot’s Substrate. This integration provides users with a unique gateway to specialized forex Automated Market Makers, lending protocols, and yield farming opportunities.

The united efforts of Pendulum and Scallop promise to deliver a smooth transition for users from the realm of traditional finance to blockchain.

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The power of community collaboration is an integral part of this partnership. Pendulum and Scallop plan to leverage their networks to foster interactions between diverse communities, encouraging the exchange of ideas, resources, and opportunities through cross-community marketing initiatives. A testament to this collaboration will be the inaugural joint Twitter Spaces conversation involving the Pendulum leadership team and the Scallop CEO, scheduled for late June 2023.

Interoperability: Merging EVM with Polkadot

Scallop functions as an Ethereum Virtual Machine (EVM), while Pendulum operates on the Polkadot chain. The symbiotic relationship of their respective strengths facilitates seamless access to fiat on and off ramps, offering enhanced convenience and flexibility to users. The Spacewalk bridge, which supports seamless connectivity between Polkadot parachains and the Stellar network, offers a myriad of fiat stablecoins. As Spacewalk broadens its reach to include other blockchains, such as Ethereum and EVM chains, it brings Scallop and Pendulum closer in their mission to unite traditional finance and DeFi.

In pursuit of creating a secure and trustworthy environment, both Pendulum and Scallop place a high premium on regulatory compliance and security. By maintaining the highest industry standards and regulations, they ensure the integrity of their services, thereby fostering trust in blockchain-based financial activities.

Pendulum and Scallop’s partnership is setting the stage for an unprecedented era of onchain banking, integrating revolutionary blockchain technology with secure banking solutions, thus offering an abundance of possibilities for individuals and businesses globally. Be a part of this trailblazing movement by joining Pendulum and Scallop’s social platforms.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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