{"id":30267,"date":"2023-07-01T20:17:25","date_gmt":"2023-07-02T00:17:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/six-clovers-unveils-versal-network-for-cross-border-crypto-payments-in-stablecoins-and-cbdcs\/"},"modified":"2023-07-01T20:17:27","modified_gmt":"2023-07-02T00:17:27","slug":"six-clovers-unveils-versal-network-for-cross-border-crypto-payments-in-stablecoins-and-cbdcs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30267","title":{"rendered":"Six Clovers Unveils Versal Network for Cross-Border Crypto Payments in Stablecoins and CBDCs"},"content":{"rendered":"
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On June 29, Six Clovers<\/strong>, a company founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, introduced the <\/strong>Versal Network<\/strong> on Sui blockchain<\/strong>.\u00a0<\/p>\n

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This decentralized global payments network aims to streamline cross-border transactions for businesses worldwide. By utilizing Six Clovers’ crypto payment systems, users can now conduct digital currency transactions on a global scale.<\/p>\n

The Versal Network, built on Sui blockchain, represents an innovative fusion of decentralized and traditional finance.\u00a0<\/p>\n

“Our vision of unlocking the power of on-chain digital assets for the next billion users is being made possible on Sui,” said Jim Nguyen, co-founder and CEO of San Francisco-based Six Clovers.\u00a0<\/p>\n

“The way to do this is to close the gap between established e-commerce and Web3 commerce, by abstracting the blockchain and making the infrastructure invisible to customers.”<\/p>\n

Through seamless integration with the Six Clovers API, organizations can harness the power of the Versal Network to facilitate real-time payments using stablecoins and Central Bank Digital Currencies.<\/p>\n

The Sui blockchain ecosystem boasts other notable components besides the Versal Network. One of them is Transak, a platform that facilitates the purchase of SUI tokens using fiat money.\u00a0<\/p>\n

Additionally, Halliday HQ, a layer 1 blockchain founded by former employees of Meta Platforms (META), has achieved a valuation of $2 billion following a successful funding round in September.<\/p>\n

SUI Blockchain: The Perfect Ecosystem for Seamless Cross-Border Transactions<\/h2>\n

In May 2023, Sui launched its mainnet, achieving a peak of 1,007 transactions per second (tps) over the past 30 days.\u00a0<\/p>\n

Sui is a Layer 1 blockchain with its native token, differentiating itself through high-speed transactions, instant processing, and scalability using the Move programming language based on Rust.\u00a0<\/p>\n

It operates on a delegated proof-of-stake consensus and has a maximum supply of 10 billion SUI tokens, with 14% available for investor purchase.<\/p>\n

SUI has an $11.65 million Total Value Locked (TVL), with a 24-hour trading volume of $2.53 million and a 7-day trading volume of $17.76 million, according to DefiLama.<\/p>\n

The Binance exchange added to Sui’s attention by making it available through Launchpool. Justin Sun, the founder of Tron, deposited $56 million in TrueUSD stablecoins into Binance to farm SUI tokens, sparking a response from Binance CEO Changpeng Zhao. Later, Sun arranged a refund for the Binance transfer, and the farmed SUI tokens were reallocated to the TUSD liquidity pool.<\/p>\n

Crypto Cross Border Payments and Remittances<\/h2>\n

The future of cryptocurrency in remittances and cross-border payments appears promising. The global remittance market is projected to reach $930 billion by 2026, presenting a substantial opportunity for cryptocurrency adoption.\u00a0<\/p>\n

Recent discussions have revolved around using cryptocurrency for cross-border payments, and institutions like the Bank for International Settlements and the International Monetary Fund have conducted tests on cross-border transactions involving central bank digital currencies (CBDCs) within the last year.<\/p>\n

By 2030, CBDCs will be expected to significantly enhance cross-border payments, with transactions estimated to surpass $213 billion worldwide.\u00a0<\/p>\n

According to a report by Statista and Payments Cards & Mobile, CBDCs are among the developments that hold the potential to enhance cross-border payments. These digital currencies, similar to cryptocurrencies, are created and issued by central banks.<\/p>\n<\/p><\/div>\n