{"id":80977,"date":"2023-06-29T17:56:56","date_gmt":"2023-06-29T14:56:56","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=80977"},"modified":"2025-09-11T20:11:21","modified_gmt":"2025-09-11T17:11:21","slug":"paypal-veterans-launch-cross-border-payments-network-on-sui-network","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/paypal-veterans-launch-cross-border-payments-network-on-sui-network\/","title":{"rendered":"PayPal Veterans Launch Cross-Border Payments Network on Sui Network"},"content":{"rendered":"

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<\/a>.<\/p>\n

The company was founded in 2021 by former PayPal employees. It has attracted venture funding from Borderless Capital<\/a>, BCW Group, and Grupo Supervielle.<\/p>\n

According to the statement, Six Clovers API<\/span> enables enterprises to integrate Versal Network into their technology stacks to enable real-time transactions in stablecoins<\/a> and CBDC<\/a>.<\/p>\n

The project aims to close the gap between established Web 2.0 commerce and Web3<\/a>, by abstracting the blockchain and making the infrastructure invisible to customers, said Six Clovers co-founder and CEO Jim Nguyen.<\/p>\n

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.<\/p>\n

The Layer 1 blockchain Sui Network was developed by Mysten Labs, founded by former engineers of Meta’s cryptocurrency project. Mainnet launch<\/a> took place on May 3. The testnet is operating<\/a> since November 2022.<\/p>\n

\n

“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.<\/p>\n<\/blockquote>\n

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<\/a> of Red Bull’s Formula One team, with a view to gaming initiatives.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":1,"featured_media":80978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1651],"class_list":["post-80977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-sui-sui"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80977"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80977\/revisions"}],"predecessor-version":[{"id":80979,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80977\/revisions\/80979"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80978"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}