Six Clovers, a fintech company founded by ex-PayPal employees in 2021, has introduced the Versal Network.
The Sui blockchain is the foundation of this network, which aims to enhance the speed, security, and efficiency of cross-border payments. Borderless Capital, BCW Group, and Grupo Supervielle have made investments in Six Clovers.
The Six Clovers API allows businesses to integrate the Versal Network into their technical infrastructure. By combining blockchain innovations with traditional money processes, the API enables instant payments using stablecoins and digital currencies issued by central banks.
However, Jim Nguyen, CEO and co-founder of the Fintech company, emphasizes the company’s goal. The goal is minimizing the customer’s awareness of the underlying blockchain infrastructure.
This approach aims to reduce the time required for businesses to develop effective and user-friendly payment and digital asset applications. However, the Versal initiative by Fintech firm aims to bridge the gap between established web2 and emerging web3 commerce.
The Sui Foundation’s managing director, Greg Siourounis, highlights the scalability of the Sui blockchain, which aligns well with Six Clovers’ web3 payment network.
Therefore, the tools developed by Six Clovers empower enterprises utilizing Sui to integrate blockchain-native payments into their business applications seamlessly.
The Versal Network seeks to provide a modern and continuous payment infrastructure similar to the SWIFT network used in traditional finance. Therefore, the Fintech firm claims this approach eliminates the drawbacks of relying on numerous banks or experiencing lengthy settlement times.
