Two former PayPal employees in business and technology have launched a cross-border payment system aimed at “faster, cheaper and more transparent payments.”
In an announcement today, fintech infrastructure company Six Clovers announced that it has launched its RAPID network connecting banks, merchants and payment providers, enabling customers to transact in digital currencies and fiat. Founded by former PayPal employees Jim Nguyen and Nas Kavian and backed by venture capital firm Borderless Capital, the network is built on Algorand’s blockchain and uses the technology behind stablecoins to represent fiat.
“Six Clovers creates a bridge between traditional and decentralized finance, expanding access to the next generation of digital products and services,” said Steve Kokinos, CEO of Algorand.
The project claims that its network will provide an alternative to payment providers currently using the SWIFT protocol for cross-border payments. RAPID uses USD Coin (USDC) to represent fiat on the Algorand blockchain, provides P2P transactions, and can process up to 46,000 transactions per second.
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“Feeding cross-border transactions with regulated stablecoins to represent fiat on the chain has never been done before,” said David Garcia, CEO of Borderless Capital. “[The network] will trigger a wave of massive blockchain adoption among banks, merchants and payment providers as they see the need to embrace the digital future.
A proof of stake protocol, Algorand said its blockchain was fully carbon neutral in April. The project has set up a “sustainability oracle” in partnership with ClimateTrade to notarize its carbon footprint on the chain, then lock the equivalent amount of carbon credits in a “green treasure”.