Financial technology company Six Clovers introduced Versal Network, a platform built on the Sui blockchain, to promote the speed, security and cost-effectiveness of cross-border payments.
With the move towards modernizing cross-border payments, fintech newcomer Six Clovers has launched the Versal Network, using the Sui blockchain.
By integrating blockchain developments with existing traditional money mechanisms, the Six Clovers Application Programming Interface (API) enables companies to integrate the Versal Network into their technology infrastructure.
This leads to instant payments through stablecoins and central bank digital currencies, according to an official release.
Founded in 2021 by former PayPal employees, Six Clovers has been backed by investment in ventures from groups such as Borderless Capital, BCW Group and Grupo Supervielle.
By making blockchain infrastructure “invisible to customers,” Six Clovers is accelerating the time-to-market timeframe for organizations to create efficient, easy-to-use digital asset and payment applications, Six Clovers CEO and Co-Founder Jim Nguyen states.
With the Versal project, Six Clovers is looking to bridge the gap between the existing web 2 and the emerging web3 trade.
“Sui offers unlimited scalability, which aligns perfectly with the next-generation web3 payment network developed by Six Clovers. The tools developed by Six Clovers enable all organizations using Sui to seamlessly integrate native blockchain payments into their business applications.”
Managing Director of the Sui Greg Siourounis Foundation.
(embed) https://www.youtube.com/watch?v=G1Ch5-9VIio (/embed)
Echoing the features of SWIFT’s payment rails for the traditional finance sector, Versal’s network aims to offer a contemporary 24/7 payment infrastructure. This comes without the drawbacks of multiple banks, and long settlement times, Six Clovers says.
