Developer Six Clovers Rolls Out Cross-Border Crypto Payments on Sui

CoinDesk
CoinDesk

29 Jun 2023 1:00 PM

The Versal Network will allow companies to transact in stablecoins and central bank digital currencies....

  • Six Clovers has released Versal Network on the Sui blockchain to facilitate cross-border transactions.
  • Sui blockchain also includes Transak and Halliday HQ, offering services like buying SUI token with fiat money.
  • Sui blockchain launched its mainnet in May and has achieved a peak of 1,007 transactions per second (tps) in the past 30 days.
  • Cross-border payments using cryptocurrency have gained attention, with the Bank for International Settlements and the International Monetary Fund testing CBDC transactions.
  • Strike, a digital payments firm, expanded its Lightning Network payments service to Mexico.
  • Versal Network's programming hooks (API) allow businesses to integrate the network into their existing technology stacks for transacting in stablecoins and CBDCs.
  • Total value locked (TVL) on the Sui Network is currently around $11.8 million.

The article provides information about the release of Versal Network on the Sui blockchain, highlighting the potential for facilitating cross-border transactions. It also mentions the growing interest in cross-border payments using cryptocurrency and the expansion of digital payments services. Overall, the sentiment is positive, focusing on the advancements and opportunities in the crypto payments industry.

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You May Ask

What is Versal Network and what blockchain is it released on?What other services are available on the Sui blockchain?When did Sui blockchain launch its mainnet and what is its transaction capacity?Which organizations have tested cross-border transactions of CBDCs?What recent expansion did Strike make in its payments service?

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