On June 15, 2021, the world’s first decentralized payments network connected across the globe started its journey under the name of Six Clovers. It has assimilated the resources of millions of banking institutions, affiliate merchants, and payment gateways so that they can utilize cryptocurrency in the form of regulated stablecoins to facilitate transactions.
Founded by Jim Nguyen and Nas Kavian, who have successfully worked as veterans in the technology and business sector of the international payment provider PayPal, the new organization has received a principal fraction of its funding from Borderless Capital, and the rest of the investors are BCW Group and Grupo Supervielle of Argentina, one of the country’s leading financial institutions.
Furthermore, it has received funding from some seed investors too. The entire fiat and cryptocurrency transfer infrastructure is based on the Algorand, which has been designed to facilitate the seamless merging of digital and fiat finance as per Algorand prediction. Hence, organizations will be able to make transactions instantly.
The company was developed as an essential solution to the problems faced by users of the common SWIFT protocol, where cross-border payments are processed via many intermediary organizations and phases, thus lengthening the time period of transactions to even several days. Nguyen has diagnosed the root cause of the problem as the continued use of outdated technology from the 1970s and 80s for payments. In the Internet generation, he says, the users want an instant transfer of money, just like information; hence, the time for the upgradation of the market is ripe.
Six Clovers is providing a solution to this increasing demand by launching RAPID, a network of decentralized payment systems where businesses can use stablecoins in lieu of traditional currency on-chain and will be able to send and receive payments instantaneously. The capacity of RAPID has been said to be 46000 transactions in a second, and users will get confirmation of a successful transaction in a few seconds.