Six Clovers Unveils Versal Network for Cross-Border Crypto Payments in Stablecoins and CBDCs
On June 29, Six Clovers, a company founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, introduced the Versal Network on Sui blockchain.
This decentralized global payments network aims to streamline cross-border transactions for businesses worldwide. By utilizing Six Clovers' crypto payment systems, users can now conduct digital currency transactions on a global scale.
The Versal Network, built on Sui blockchain, represents an innovative fusion of decentralized and traditional finance.
"Our vision of unlocking the power of on-chain digital assets for the next billion users is being made possible on Sui," said Jim Nguyen, co-founder and CEO of San Francisco-based Six Clovers.
"The way to do this is to close the gap between established e-commerce and Web3 commerce, by abstracting the blockchain and making the infrastructure invisible to customers."
Through seamless integration with the Six Clovers API, organizations can harness the power of the Versal Network to facilitate real-time payments using stablecoins and Central Bank Digital Currencies.
The Sui blockchain ecosystem boasts other notable components besides the Versal Network. One of them is Transak, a platform that facilitates the purchase of SUI tokens using fiat money.
Additionally, Halliday HQ, a layer 1 blockchain founded by former employees of Meta Platforms (META), has achieved a valuation of $2 billion following a successful funding round in September.
In May 2023, Sui launched its mainnet, achieving a peak of 1,007 transactions per second (tps) over the past 30 days.
Sui is a Layer 1 blockchain with its native token, differentiating itself through high-speed transactions, instant processing, and scalability using the Move
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