PayPal veterans launch SWIFT-like cross-border payments network on Sui

The Block
The Block

29 Jun 2023 1:00 PM

Six Clovers launched Versal Network on the Sui blockchain, enabling faster, more cost-effective and secure cross-border payments....

  • Fintech startup Six Clovers has launched the Versal Network on the Sui blockchain.
  • The Versal Network enables faster, more cost-effective, and secure cross-border payments.
  • Six Clovers API allows organizations to integrate the Versal Network into their technology stacks for real-time payments in stablecoins and Central Bank Digital Currencies.
  • Six Clovers was founded in 2021 by PayPal veterans and received venture investment from Borderless Capital, BCW Group, and Grupo Supervielle.
  • Sui blockchain, developed by Mysten Labs, utilizes the Move programming language and aims to close the gap between web2 and web3 commerce.
  • Versal aims to provide a modern, 24/7 payment infrastructure without intermediaries and lengthy settlement times while maintaining regulatory compliance and transaction privacy.

The article highlights the positive aspects of Six Clovers' launch of the Versal Network, emphasizing its potential to revolutionize cross-border payments and provide a more efficient payment infrastructure.

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You May Ask

What is the purpose of the Versal Network launched by Six Clovers?How does the Six Clovers API enable real-time payments?Who are the founders of Six Clovers and what is their background?What is the role of the Sui blockchain in the Versal Network?How does Versal aim to improve upon traditional payment systems like SWIFT?

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