Two ex-PayPal employees, Jim Nguyen and Nas Kavian, have released a cross-border payment system created for “faster, cheaper, and more transparent payments.”
Fintech infrastructure firm Six Clovers revealed that it had released its Rapid network, which creates a connection between banks, merchants, and payment providers so that clients can make transactions in both fiat and digital currencies.
Nguyen and Kavian received backing from venture capital firm Borderless Capital and built the network on the Algorand blockchain. The project uses the technology of stablecoins to represent fiat.
“Six Clovers is creating a bridge between traditional and decentralized finance, expanding access to the next generation of digital products and services,” declared the CEO of Algorand, Steve Kokinos.
The project maintains that the network will be an alternative for payment providers that are now relying on the SWIFT protocol for cross-border payments. Rapid uses USDC to represent fiat on the blockchain, offers peer-to-peer transactions, and it can allegedly deal with up to 46,000 transactions per second.
“Fueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before. [The network] 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,” declared Borderless Capital CEO David Garcia.
Source: CoinTelegraph.com