Scallop.io

Founded in 2021 and based in Tortola, British Virgin Islands, Scallop. io is an asset management tool on a unified platform for professional traders. Kris Lai (CEO) and Donnie Chen (CTO) are the co-founders of the company. In March 2024, Scallop.

io raised USD 3 million in venture funding co-led by CMS Holdings and 6th Man Ventures, including Kucoin Labs, Blockchain Founders Fund, Oak Grove Ventures, Side Door Ventures, UOB Venture Management, Signum Capital, Cypher Capital, Mysten Labs, Kyros Ventures, Criterion VC, 8186 Capital, 7UpDao, LBank Labs, ViaBTC Capital, Cetus Protocol, AC Capital, and Zellic. The company provides a money market platform built on the Sui blockchain, designed to provide institutional-grade security, composability, and advanced financial tools for decentralized finance (DeFi) users. The firm’s platform leverages an optimized model based on Compound V3 and Solend V2, featuring innovations such as a trilinear interest rate model, collateral segregation, and soft liquidation. Scallop offers a range of tools, including a UI tool for building Sui Programmable Transaction Blocks, an SDK for interacting with the platform, and lending derivatives known as sCoins.

Its security framework, supported by cybersecurity partners like Zellic, Ottersec, and MoveBit, ensures the platform's resilience and user confidence. The firm's native token, $SCA, fuels the ecosystem, providing users with access to a variety of DeFi services. The organization plans to use the March 2024 funding to scale and integrate new features to enhance the user experience.