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<p class="is-style-lead">Fintech firm Six Clovers has introduced the Versal Network, a platform built on the Sui blockchain, to enhance the speed, security, and cost-effectiveness of cross-border payments.</p><p>With a move towards modernizing <a href="https://crypto.news/the-uae-to-issue-cbdc-for-digital-payments/" rel="noopener noreferrer nofollow">cross-border payments</a>, fintech newcomer Six Clovers has initiated the Versal Network, utilizing the Sui blockchain.</p><p>Through the integration of blockchain advancements with the existing traditional money mechanisms, the Six Clovers application programming interface (API) enables corporations to incorporate the Versal Network into their technological infrastructure.</p><p>This leads to instant payments through stablecoins and <a href="https://crypto.news/imf-aims-to-unify-cbdcs-with-global-platform/" rel="noopener noreferrer nofollow">central bank digital currencies</a>, as per an official release.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>⚡ NEWS: Developer Six Clovers enables cross-border crypto payments on Sui with Versal Network. Companies can now transact using stablecoins and CBDCs. 💱💼 <a href="https://twitter.com/hashtag/CryptoPayments?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CryptoPayments</a><a href="https://twitter.com/hashtag/VersalNetwork?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#VersalNetwork</a><a href="https://twitter.com/hashtag/Stablecoins?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Stablecoins</a><a href="https://twitter.com/hashtag/CBDCs?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CBDCs</a></p>— Codex  (@CodexTrader) <a href="https://twitter.com/CodexTrader/status/1674404100015009794?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 29, 2023</a></blockquote></div></figure><p>Six Clovers, founded by ex-PayPal personnel in 2021, has been backed by venture investment from groups such as Borderless Capital, BCW Group, and Grupo Supervielle.</p><p>You might also like: <a href="https://crypto.news/sui-network-utilizes-mist-units-to-boost-payment-effectiveness/" rel="noopener noreferrer nofollow"> Sui Network Utilizes Mist Units to Boost Payment Effectiveness </a></p><p>By rendering the blockchain infrastructure “invisible to customers,” Six Clovers is accelerating the market entry timeframe for enterprises to construct efficient and user-friendly payment and digital asset applications, stated Six Clovers’ CEO and co-founder, Jim Nguyen.</p><p>With the Versal project, Six Clovers is looking to <a href="https://crypto.news/the-bitcoin-and-banking-relationship-one-banks-efforts-to-bridge-the-gap/" rel="noopener noreferrer nofollow">bridge the divide</a> between the existing web2 and emerging web3 commerce.</p><blockquote class="wp-block-quote"><p>“Sui offers limitless scalability, perfectly aligning with the next-gen web3 payment network developed by Six Clovers. The tools developed by Six Clovers empower all enterprises utilizing Sui to seamlessly integrate blockchain-native payments into their business applications.”</p><cite>Sui Foundation managing director Greg Siourounis.</cite></blockquote><figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper"><iframe title="SUI Review: Uncovering The Truth" src="https://www.youtube.com/embed/G1Ch5-9VIio?feature=oembed"></iframe></div></figure><p>Echoing the features of the traditional finance sector’s <a href="https://crypto.news/swifts-phase-two-cbdc-pilot-program-takes-flight/" rel="noopener noreferrer nofollow">SWIFT</a> network’s payment rails, the Versal Network aims to offer a contemporary round-the-clock payment infrastructure. This comes without the drawbacks of multiple banks, long settlement times, says Six Clovers.</p><p>Read more: <a href="https://crypto.news/paypals-crypto-holdings-rise-56-to-943m-in-q1-2023/" rel="noopener noreferrer nofollow"> PayPal’s crypto holdings rise 56% to $943m in Q1 2023 </a></p>

Six Clovers rolls out Versal Network for cross-border payments

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