Jim Nguyen and Nas Kavian, former leads in business and technology at PayPal, have launched a new financial technology infrastructure platform, Six Clovers, with the aim of better integrating and enabling real-time payments.
The decentralised payments network will work to connect banks, merchants and payment providers to conduct global transactions leveraging digital currencies, using the efficiency and scale of said currencies, in order to assist the firm’s clients with expanding their markets.
Participating banks, merchants and providers will benefit from ‘fast and seamless’ cross-border payment capabilities.
Nugyen will serve as CEO of the new project, which has received financial backing from Argentinian bank Group Supervielle – a NYSE listed institution – as well as investments from BCW Group and Borderless Capital.
“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,” Nguyen commented.
“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.”
Built using the Blockchain.com listed Algorand platform, Six Clovers intends to meet demand from financial institutions and businesses for SWIFT protocol for cross-border payments by launching its decentralised RAPID network.
Utilising Algorand’s ‘eco-conscious’ blockchain and stablecoin technology, the RAPID system will enable businesses to connect to the decentralised finance (DeFi) ecosystem, subsequently enabling faster, cheaper and more secure cross-border transactions.
Seve Kokinos, Algorand CEO, commented: “Six Clovers is creating a bridge between traditional and decentralized finance, expanding access to the next generation of digital products and services, an abundance of which we are seeing built on Algorand.
“We are excited to see Six Clovers leverage Algorand’s fast, stable and efficient blockchain architecture to build the next-generation decentralized payment network.”
Six Clovers key features include a ‘reminaged payments’, use of regulated stablecoins to enable instant transfers between sender and receiver, peer-to-peer transactions to reduce risk, a ‘high performance’ network reportedly capable to conducting 46,000 transactions per second, transaction and data privacy by design and 24/7 availability.
“The launch of Six Clovers marks a major milestone in helping existing financial institutions to get onboard with digital currencies, which are the future of finance,” added David Garcia, CEO and Managing Partner at Borderless Capital and lead investor in Six Clovers.
“Fueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before, and is going to unleash a wave of mass blockchain adoption across banks, merchants, and payment providers as they see the need to embrace the digital future.”