World’s First DeFi Banking App, Scallop, Innovates Crypto Payments Solutions

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“Money is entering a format war”, wrote Citigroup, in their latest Future of Money report, and this is creating both challenges and opportunity for companies in the payments sphere. The evolution of cryptocurrencies, digital wallets, challenger banks, stablecoins, CBDCs, DeFi protocols and other blockchain-focused payment platforms has opened the doors for forward-thinking companies – old and new – to disrupt the digital payment space. Giants such as PayPal and Mastercard are adapting to the digital age by offering cryptocurrencies such as Bitcoin, Ethereum and Litecoin on their networks. Paypal went a step further and recently updated their wallets to allow cryptocurrency withdrawals to third-parties. They also confirmed in the last month the acquisition of crypto security company Curv for $200m, showing their strong intent in the sector. Despite the financial regression caused by the global pandemic, venture capital continues to pour heavily into fintechs looking to make a mark in…

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