Former PayPal Employees Launch Six Clovers, An Algorand based Cross-Border Payments Network
Former PayPal employees launch a decentralized cross-border payment system on Algorand. The system aims to provide faster and cheaper transactions by “fueling them with regulated stablecoins to represent fiat on-chain,” Borderless Capital CEO David Garcia said.
Announced Tuesday, Rapid Network, built by Six Clovers, a fintech infrastructure firm, aims at creating a global decentralized payments network that connects merchants, banks, and payment providers to the digital currency world. Six Clovers is a global decentralized fintech firm that “allows organizations and merchants integrate real-time payments using the efficiency and scale of digital currencies” to provide seamless and fast cross–border payment capabilities.
Six Clovers, founded by Jim Nguyen and Nas Kavian, former PayPal employees, is backed by investments from Borderless Capital, BCW Group, Grupo Supervielle, a leading bank in Argentina, and other angel investors, a statement from Six Covers announcing Rapid Network reads.
The new decentralized payments network aims to provide solutions to banks and financial institutions using the SWIFT network. Needing to wait days to receive payments, high intermediary fees, and lack of transparency, however, poses a challenge to cross-border transfers on SWIFT, hence Rapid network creation, Jim Nguyen explained. He added,
“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.”
Built on Algorand, Rapid network will integrate regulated stablecoins such as USDC to represent fiat on-chain. This aims to reduce transfer times and reduce fees while enabling the instant transfer of value across borders. Nguyen said,
“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.”
According to David Garcia, the Managing Partner at Borderless Capital, Rapid is set to “unleash a mass wave of blockchain adoption across financial institutions, merchants and banks as the digital currency ecosystem continues to develop. He added,
“Fueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before.”
Despite the accelerated development of Rapid, there is a conundrum on how many banks will integrate the network, Nguyen accepted. At the start, Rapid will concentrate its efforts in the Latin American region as well as Europe, Singapore, and Southeast Asia.