SAN FRANCISCO -- June 15, 2021 -- Six Clovers, a decentralized global payments network, today announced the launch of its financial technology infrastructure connecting banks, merchants, and payment providers to transact in digital currencies around the world. Six Clovers allows organizations to fully integrate and enable real-time payments using the efficiency and scale of digital currencies, and expand their markets by offering fast and seamless cross-border payment capabilities. The company is founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, and is backed by investments from Borderless Capital as the lead investor with participation from BCW Group and Grupo Supervielle (NYSE:SUPV), one of Argentina’s leading banks, along with angel investors. The payment network is built on Algorand, a leading blockchain accelerating the convergence of decentralized and traditional finance.
“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,” said Jim Nguyen, Co-Founder and CEO, Six Clovers. “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.”
Today’s financial institutions and businesses primarily rely on the SWIFT protocol for cross-border payments. This payment infrastructure has been widely adopted since its introduction in the 1970s and relies on multiple intermediaries to move money across the globe.This transfer process is a long, multi-day journey across the network of banks, often spanning multiple time zones, with fees that must be paid to each intermediary along the way. With an estimated $2.5 quadrillion transferred globally each year, the market is ready for an upgrade. As we enter a new era of finance, businesses need a modern payment infrastructure that reduces inefficiencies in today’s money movement process.
Six Clovers meets this demand with its launch of RAPID, a decentralized payment network enabling organizations to instantly move and transact digital currencies, built on the eco-conscious Algorand blockchain and stablecoin technology. Once integrated, businesses can connect to the decentralized finance (DeFi) ecosystem to enable faster, cheaper, and more secure cross-border payments.
“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,” said Steve Kokinos, CEO at Algorand. “We are excited to see SixClovers leverage Algorand's fast, stable and efficient blockchain architecture to build the next-generation decentralized payment network.”
Key features and benefits of Six Clovers’ RAPID instant payments network include:
•Payments, reimagined. Redesigned time-tested payment capabilities such as international payments, domestic payments, payouts, refunds, and much more adapted to blockchain technology. Organizations can seamlessly integrate RAPID with their existing payment platform.
•Blockchain native. Six Clovers’ RAPID is built on the industry-leading Algorand blockchain, which was designed for modern financial applications and provides the security, scalability, transaction finality and decentralization required for RAPID users.
•Stablecoins. RAPID uses regulated stable coins including USDC to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.
•Trustless. Transactions are peer-to-peer - significantly reducing counter party risk.
•High performance. The network can sustain nearly 46,000 transactions per second and can confirm transaction finality in approximately 2.5 seconds.
•Transaction and data privacy by design. All transactions adhere to the strictest global data privacy requirements.
•24/7 Availability. Organizations can instantly send money 24 hours a day, seven days a week, 365 days a year, solving the issue of limited operating hours, and multiple timezones.
“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,” said David Garcia, CEO and Managing Partner at Borderless Capital, 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.”
Using the Six Clovers platform, banks, merchants, and payment providers around the globe can now easily accept and render payments in digital currencies, which are the future of finance.
ABOUT SIX CLOVERS
Six Clovers is a decentralized global payments network and a financial technology infrastructure allowing banks, merchants, and payment providers to transact in digital currencies around the world. Geared towards the future of finance, Six Clovers offers RAMP, a single API connection to enable fiat on- and off-ramps using global payments and services specific to the digital currency ecosystem; and RAPID, its decentralized payment network enabling organizations to move and transact digital currencies. Together, these products form an end-to-end platform that bridges the gap between fiat and digital currencies, allowing organizations to easily accept and render payments with digital currencies.
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