Decentralized payment network connecting Fiat to Digital Currencies PayPal Alums Launch

In order to enable worldwide transfers between banks, traders or payment providers, two former PayPal leaders developed the first worldwide payments network using regulated stablecoins.


Based on Algorand blockchain, Six Clovers, developed by Jim Nguyen and Nas Kavian, links fiat and digital currencies. It allows companies to integrate and allow immediate payments across borders utilizing digital currencies. The new startup is looking to provide an alternative to the SWIFT protocol, which the business claims can take a few days to transmit across many middlemen.

In the 1970s and 1980s, most of the infrastructure we use today was created... And it's OK for many people who could be born in that generation," said Nguyen, the company's CEO. "But since the native people on the internet are working and I get my email in real time, I can refresh my site in real time, why do my money take a few days to get there?" "

The decentralized RAPID network of six Clovers employs stable currencies like USDC for cash on-chain, allowing instant transfers between sender and receptor. The network is able to accommodate about 46,000 transactions a second and confirm completion of the transaction within a few seconds.

In addition to BCW Group, a Fintech-focused strategy consultancy and Argentina bank Grupo Supervielle, 6 Clovers are supported by lead investor Borderless Capital.

"This has never happened before," said Mr. David Garcia, CEO and CEO of Borderless Capital in a release, "and he will unleash a mass blockchain tsunami of adoption across banks, traders and payment providers in view of the necessity to embrace the digital future."

Modernisation of chain payments

In 2009 Nguyen and Kavian co-founded the PayPal online payment system, RubyCoins, which was eventually purchased in 2011 as an alternative to checks and money orders.

Nguyen has been in the digital business development department at PayPal for nearly five years before entering OKcoin for crypto-sales. During his 7 years at the firm, Kavian was a software architect and a lead product manager before spending one year as head of engineering at Greenbits, his LinkedIn page. He is the technological leader of Six Clovers. 

Nguyen added that both of them had come together to tackle the problem of delayed payments. He said that the current convergence of blockchain technology and stable currencies and a growing awareness of these breakthroughs presented an opportunity to develop a new payment system.

The fundamental difference between six Clovers and other payment stacks such as PayPal, Visa and Mastercard is that they have a blockchain. While it is possible to transmit cryptocurrencies like bitcoin or ether, the new company provides the capabilities for reimbursements, which are not available in blockchain. Nguyen stated.

Six Clovers’ key differentiation from other payment stacks like PayPal, Visa and Mastercard is that it exists on a blockchain. While people can send cryptocurrencies, such as bitcoin or ether, the new firm allows for capabilities such as refunds, which Nguyen said was not available on the blockchain.

“Sending is not enough,” the co-founder said. For a merchant or an enterprise to use it, you have to have send, receive, web hooks and all these other capabilities that’s required in a payment stack. …We really tore down and really rebuilt payments from scratch, and really adapted for the blockchain.”

The use of stablecoins solves the problem of sending a cryptocurrency with a fluctuating value, Nguyen added. Stable coins eliminate the issue of transferring a changing cryptocurrency, noted Nguyen.

In the early days of bitcoin, the CEO indicated that he thinks that the next phase of space would be the improvement of current enterprises and the development of new ones utilizing blockchain technology itself.

"We're one of the first to use blockchain as a pure technology, maybe, not only tokens," he added. "I think you'll see many more organizations and corporations embracing blockchain as a future technology."


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