The transfers would get quicker and faster with the help of blockchain technology by incorporating a peer-to-peer system for stablecoins. The two of the ex-PayPal leaders inaugurated the first payment network, which works internationally using stablecoins to regulate the transfers between the payment providers, merchants, and banks.
Nas Kavian and Jim Nguyen have founded Six Clovers, a platform that links the Algorand blockchain-based digital currencies and the Fiat. With this, the organizations are enabled to incorporate and execute instant payments utilizing digital currencies around the globe without any restriction. An alternative for the popularly used SWIFT protocol is expected to be provided by the new company. This substitute, according to the company, depends on the transfers done between certain intermediaries taking a few days.
The CEO of the company, Nguyen, stated to Blockworks that most of the infrastructure was constructed in the 70s and 80s of the twentieth century, which is objection free for the people belonging to that era, but the scenario has been changed as the internet buddies are entering the workforce to which they are alike. He mentioned that they speculate and question that all the things like email and webpages are processed in real-time then why does the currency transfer take a couple or three days to be processed?
RAPID, a decentralized network developed by Six Clovers, utilizes stablecoins like USDC that represent fiat on-chain and then allows immediate transfers among the senders and receivers. About 46,000 per second transactions can be supported and confirmed by the network in the few seconds of the transactions.
BCW group (a leading investor), Borderless Capital (a strategy consulting firm for fintech), and Grupo Supervielle (a bank in Argentina) are backing Six Clovers.
Modernizing on-chain transactions
RubyCoin, an online system for payments, was co-founded by Kavian and Nguyen in 2009 and incorporated in 2011, which was alternatively used for digitally transferred money orders and checks by PayPal.
Nguyen served in PayPal for approximately five years as the chairperson of the digital business progress, and after this, he joined crypto exchange Okcoin. Kavian worked as a software architect and the manager of the lead products for seven years. Then he joined the Greenbits platform working as the chairperson of the engineering for one year, as his Linkedln profile states. After spending this much time separately, the two reunited for the solution of a decentralized network for funds transfer.
It was stated by Six Clovers that the company is different from the others in the way that it is decentralized and works on blockchain technology. The co-founder of Six Clovers mentioned that for an enterprise or a merchant, the sending is not enough. The other capabilities such as receive and webhooks are also important ones. He concludes that the utilization of stablecoins makes it possible for the common masses.