Former PayPal execs take aim at Swift with blockchain
Two of PayPal’s former executives, Jim Nguyen and Nas Kavian, have launched a decentralised payments network “to connect banks, merchants and payment providers to transact in digital currencies around the world.”
The network is called Six Clovers and is backed by investments from Borderless Capital, BCW Group, Grupo Supervielle and investor angels.
The system they hope to overthrow is that of Swift, the network used for most cross-border payments. The Six Clover founders argue, “as “we enter a new era of finance, businesses need a modern payment infrastructure that reduces inefficiencies in today’s money movement process.”
The new network is built on the Algorand blockchain and uses its Rapid payment network. Rapid uses regulated stablecoins, including USDC, to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.
This will allow organisations to integrate and enable real-time payments using the efficiency and scale of digital currencies Nguyen and Kavian say. Their new network will allow businesses to connect to the decentralized finance ecosystem and this in turn will then enable faster, cheaper, and more secure cross-border payments.
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.”