The fintech startup Six Clovers has launched Versal Network on the Sui blockchain. The network is designed to enable faster, cheaper, and more secure cross-border payments, according to The Block.
The company was founded in 2021 by former PayPal employees. It has attracted venture funding from Borderless Capital, BCW Group, and Grupo Supervielle.
According to the statement, Six Clovers API enables enterprises to integrate Versal Network into their technology stacks to enable real-time transactions in stablecoins and CBDC.
The project aims to close the gap between established Web 2.0 commerce and Web3, by abstracting the blockchain and making the infrastructure invisible to customers, said Six Clovers co-founder and CEO Jim Nguyen.
Versal Network is seen as an alternative to SWIFT-based payment rails built on more modern technology. The network operates around the clock, excluding intermediaries, accelerating settlements, while maintaining regulatory compliance and transaction confidentiality.
The Layer 1 blockchain Sui Network was developed by Mysten Labs, founded by former engineers of Meta’s cryptocurrency project. Mainnet launch took place on May 3. The testnet is operating since November 2022.
“Sui offers limitless scalability, which is ideal for a next-generation Web3 payments network. The tooling created by Six Clovers enables any enterprise to seamlessly integrate blockchain-based payments into its corporate applications,” said Greg Siouronis, Managing Director of the Sui Foundation.
Earlier in May, Mysten Labs announced a collaboration with a number of developer companies to launch Web3 games on the blockchain. In June, the project became a partner of Red Bull’s Formula One team, with a view to gaming initiatives.