DeFi banking firm Scallop launched by the Global council to ensure payment data security

A decentralized banking firm, Scallop, aimed to improve global data security is welcomed by the council formed by traditional finance service giants – Discover, Visa, American Express, and Mastercard.

Scallop, a regulated banking application, announced its entry to the PCI Security Standard Council (PCI SSC). The primary goal of the app is to improve payment data security around the world. 

As per the DeFi company, it will assist PCI SSC in the current development and adoption of the PCI Security Standards.

According to PCI SSC executive director, Lance Johnson, Scallop plans to start with helping create awareness and driving the adoption of the PCI Security Standards, to “improve payment security globally.”

“In an era of increasingly sophisticated attacks on systems, PCI Security Standards and resources help organizations secure payment data and prevent, detect and mitigate attacks that can lead to costly data breaches,” he adds.

By offering DeFi-industry observations and recommending actions for the council, the DeFi banking project will join 800 other companies in helping to safeguard payment data around the world. In addition, the firm will also participate in council meetings and share cross-sector experiences.

Scallop comes when the traditional world is adopting crypto

Scallop comes when traditional financial services are majorly showing interest in crypto adoption. The global e-commerce giant, eBay recently revealed that it may integrate crypto payments soon along with the exploration of the NFT sector, in yet another example of traditional banking and blockchain-based payments colliding. eBay CEO Jamie Iannone stated in an interview that the company is exploring multiple new payment methods.

Last year, Crypto proponent Commonwealth Bank of Australia started a crypto trading service on its platform for the customers.

Meanwhile, a digital asset banking executive believes that a more transparent regulatory framework will encourage more institutions to use cryptocurrency. SEBA Bank chief Christian Borel said in a recent interview that institutional investors require regulated partners in order to operate safely. As the laws become clearer, institutions may begin to invest more money in the cryptocurrency market.