> For the complete documentation index, see [llms.txt](https://blog.emoney.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://blog.emoney.io/announcements/the-future-of-emyc.md).
# The Future of EMYC
### An Important Message to All EMYC Holders
Dear EMYC Holders,
This announcement outlines the future of E Money Network and the proposed transition of eligible EMYC holders into Scallop equity.
After months of strategic evaluation, careful analysis and joint planning, the Boards and Management Teams of E Money Network and Scallop have agreed on the future direction of the EMYC ecosystem.
The Boards and Management Teams have decided to offer eligible EMYC holders a transition from utility token ownership to equity ownership in Scallop.
Upon completion of Scallop’s ongoing equity fundraising, participants will have the opportunity to convert the value of their eligible EMYC holdings into Scallop equity, allowing those who choose to continue as shareholders of a growing regulated financial technology company.
Participation in the conversion process is entirely voluntary.
Holders who choose not to participate may continue to sell or transfer their EMYC throughout the \
45-day conversion period. The opportunity to convert eligible EMYC holdings into Scallop equity will remain available until the final conversion process has concluded. The final deadline for completing the conversion will be announced separately before the conversion process concludes.
### Why are we making this decision?
The digital asset industry has evolved significantly over recent years.
Capital, liquidity and user activity have become increasingly concentrated around a smaller number of established ecosystems. At the same time, operating, maintaining and continuously developing an independent blockchain requires substantial technical, operational and financial resources.
Maintaining secure infrastructure, supporting ongoing protocol development, meeting regulatory expectations and sustaining ecosystem growth has become an increasingly demanding undertaking for independent blockchain projects.
After evaluating every available strategic option for the future of E Money Network, the Boards and Management Teams concluded that continuing to operate the project in its current form would not represent the strongest long-term direction for either the project or its holders.
Scallop has established itself as a regulated financial infrastructure provider with a long-term strategy focused on global payments, multi-currency banking, digital assets and Banking-as-a-Service.
The next phase provides eligible EMYC holders with the opportunity to participate directly in Scallop’s long-term growth through equity ownership.
### How will the conversion work?
Following the publication of this announcement, a 45-day conversion period will begin.
During this period:
* Eligible EMYC holders may choose whether or not to participate.
* Holders who choose not to participate may continue to sell or transfer their EMYC throughout the conversion period.
* The conversion value will be determined using the average EMYC market price over the 45-day conversion period, as published by CoinMarketCap, together with Scallop’s final equity valuation upon completion of its ongoing fundraising round.
* The conversion will be completed through a dedicated conversion portal. Participation will require holders to complete identity verification (KYC) before the equity allocation can be finalized.
* Additional information regarding the conversion platform, eligibility requirements and the detailed participation process will be published before the conversion portal opens.
* Under the proposed conversion structure, the conversion value of eligible EMYC holdings will receive a 50% uplift as part of the proposed equity conversion.
This additional allocation has been approved by the Boards and Management Teams in recognition of the support shown by the EMYC community throughout the development of the E Money Network ecosystem.
The final number of Scallop sub-class shares allocated will be calculated based on the final EMYC conversion value and Scallop’s final equity valuation.
* Further details regarding the final conversion structure and eligibility requirements will be announced before the conversion process begins.
### Exchange Update
As part of the planned transition from the EMYC utility token to Scallop equity, E Money Network will begin the process of delisting EMYC from supported cryptocurrency exchanges.
The process will start with KuCoin, where EMYC will be placed under Special Treatment (ST) from \
17 August 2026 as part of the exchange’s standard delisting procedure. EMYC will subsequently be delisted from KuCoin, followed by [Gate.io](http://Gate.io) . The exact timeline for the suspension of trading and the subsequent delisting will be announced by the respective exchanges. Holders are encouraged to follow the official announcements published by KuCoin and [Gate.io](http://Gate.io), as the timing and procedures are determined by the exchanges and are outside the control of E Money Network.
The exchange delisting process is intended to support the orderly transition towards the proposed equity conversion and the planned wind-down of the E Money Network ecosystem.
Each exchange will communicate its own timelines, procedures and any actions required from users. Holders are encouraged to follow the official announcements published by the respective exchanges as well as E Money Network’s official communication channels for further updates.
### What happens after the conversion process?
Following completion of the conversion process and the delisting of EMYC from supported exchanges, E Money Network will begin an orderly wind-down of its operations.
The EMYC smart contract will be permanently frozen, bringing the EMYC utility token to an end.
The E Money Network blockchain will be shut down, and the project will officially conclude its operations.
All official E Money Network communication channels and social media accounts will subsequently be retired.
### Next Steps
Over the coming weeks, additional announcements will be published covering:
* Scallop’s equity valuation
* The conversion methodology
* Eligibility requirements
* The conversion portal and participation process
* Frequently Asked Questions (FAQ)
Further information will be released in due course.
The Boards and Management Teams of E Money Network & Scallop
### Security Notice
Please remain vigilant throughout the conversion process.
As with any significant announcement involving digital assets, malicious actors may attempt to impersonate E Money Network or Scallop in an effort to steal funds or personal information.
For your security:
* Only use the official conversion portal announced through E Money Network’s official communication channels.
* E Money Network and Scallop will never contact you first via direct message (DM) to request participation in the conversion.
* We will never ask for your wallet’s recovery phrase, seed phrase, private keys or passwords.
* Never send EMYC or any other digital assets to an address provided via social media, direct messages or unofficial websites.
* Always verify that you are using the official website and official communication channels before taking any action.
* If you are ever unsure whether a message or website is legitimate, please contact the E Money Network Support Team at before proceeding.
Your security is our priority. Please stay cautious and only trust information published through \
E Money Network’s official channels.
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