Six Clovers, co-founded by Jim Nguyen and Nas Kavian, built on Algorand blockchain, bridges the gap between fiat and digital currencies. It enables organizations to do cross-border instant payments using digital currencies.
The new company proposes an alternative to the widely used SWIFT classic protocol, which, according to SixClovers, relies on transfers between several intermediaries that can take days.
RAPID, the decentralized network developed by Six Clover uses stablecoins like USDCs to represent fiat on-chain and allows instant transfers between sender and receiver. The platform can perform 46,000 transactions per second.
It can confirm the completion of a transaction in a matter of seconds.
RAPID May Hit SWIFT Hard
Nguyen and Kavian co-founded RubyCoins in 2009, which was later acquired by PayPal in2011. RubyCoins was an online payment system used as an alternative to checks and money orders.
Before joining crypto exchange OKcoin, Nguyen was the head of digital business development at PayPal for roughly five years.
According to his LinkedIn page, Kavian worked for the company for seven years as a software architect and lead product manager before spending a year as the head of engineering at Greenbits, a cannabis retail platform. Currently Nguyen is the chief technology officer at Six Clovers.
Nguyen told media that Kavian and himself rejoined to address the issue of late payments. He noted that the recent convergence of blockchain technology and stablecoins, as well as growing awareness of these developments, provided an opportunity to create a new payment system
New Tools for Money Transfers
The fact that Six Clovers is based on a blockchain distinguishes it from other payment platforms such as PayPal, Visa, and Mastercard. On Six Clovers customers can trade and send/receive cryptocurrencies like bitcoin or ether, and even can perform refunds.
Stablecoins alleviate the difficulty of delivering cryptocurrencies with a volatile value, according to Nguyen.
Six Clovers is probably one of the first to use blockchain as a pure technology, rather than simply trading tokens. According to Nguyen as time goes on, blockchain’s adoption will grow as an established mainstream technology.
