Scallop is new to the DeFi world and is a startup. The company made an announcement that it was part of the PCI SSC – Security Standards Council. The goal of this global community is to improve and enhance security for payment related data across the world. This will be done by working hand in hand with the PCI SSC. PCI and Scallop are working together to develop Security Standards which will then be adopted by companies.
A council was formed by American Express, Visa, Discover and Mastercard, all known players in the traditional financial sector. This council is now working with DeFi companies to set up a forum to secure data payment info around the globe.
PCI SSC’s ED Lance Johnson reiterated how important Scallop’s contributions to the global payment security area are. Both organizations are working hard at creating awareness and to ensure that Security Standards developed by them are being adopted. In a time of sophisticated attacks on payment networks, adopting standards will prevent and mitigate attacks by stopping expensive data breaches.
Scallop is joining 800 organizations which are working together by offering insights into the DeFi industry. This group is also recommending multiple initiatives so that the council can formulate solutions across sectors. The general idea is that a clear and well laid out environment with the right regulations will spur adoption of crypto by investors and institutions. In other news, eBay’s CEO announced that the company is looking into adding crypto as a method of payments to their site.