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Developer Six Clovers Rolls Out Cross-Border Crypto Payments on Sui
The Versal Network will allow companies to transact in stablecoins and central bank digital currencies.
Updated Jun 29, 2023, 8:51 p.m. Published Jun 29, 2023, 1:00 p.m.
Six Clovers, a developer of crypto payments systems, has released Versal Network on the Sui blockchain to provide companies with a service that can facilitate cross-border transactions, according to a press release.
The network joins Transak, which allows people to buy the blockchain's SUI token with fiat money, and Halliday HQ on Sui, a layer 1 blockchain founded by ex-Meta Platforms (META) employees and valued at $2 billion in a September funding round. Sui launched its mainnet in May and hit a peak of 1,007 transactions per second (tps) over the past 30 days, according to SuiExplorer data.
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Cross-border payments using cryptocurrency has been a hot topic of late, and the Bank for International Settlements and the International Monetary Fund have both tested cross-border transactions of central bank digital currencies (CBDCs) in the past year. Digital payments firm Strike, meanwhile, recently expanded its Lightning Network payments service to Mexico.
"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. "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."
The Versal Network programming hooks (API) give businesses the opportunity to integrate the network into their existing technology stacks, allowing them to transact in stablecoins and central bank digital currencies (CBDCs).
Total value locked (TVL) on the Sui Network remains low at around $11.8 million, according to DefiLlama. In comparison, Optimism, another layer 1 blockchain, has $795 million.
See also: Ex-PayPal Execs Launch Cross-Border Payments Network on Algorand
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