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PayPal vets launch decentralised cross-border payment network

PayPal vets launch decentralised cross-border payment network

A pair of former PayPal executives has launched a decentralised global payments network to connect banks, merchants and payment providers to transact in digital currencies around the world.

Founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, Six Clovers is backed by investments from Borderless Capital, BCW Group, Grupo Supervielle and angels.

The startup is taking aim at Swift, arguing that as "we enter a new era of finance, businesses need a modern payment infrastructure that reduces inefficiencies in today’s money movement process".

Built on the Algorand blockchain, the new decentralised Rapid payment network will allow organisations to integrate and enable real-time payments using the efficiency and scale of digital currencies, says Six Clovers.

Once integrated, businesses can connect to the decentralized finance ecosystem to enable faster, cheaper, and more secure cross-border payments. Rapid uses regulated stablecoins, including USDC, to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.

Jim Nguyen,CEO, Six Clovers, says: “Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments, while opening up a whole new world of digital finance opportunities.

“We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 17 June, 2021, 13:29Be the first to give this comment the thumbs up 0 likes

If it's started by a "pair" of people, how is it decentralized?:) On a side note, doesn't the Bitcoin blockchain already support cross-border fund tranfers?