Reform the remittance system
Six Clovers, a multi-chain payment infrastructure company founded by a former member of payment giant PayPal, announced on the 30th that it has launched the Versal Network on the Sui blockchain.
The Versal Network is a payment infrastructure that can be used for international remittances. According to overseas media that obtained this press release, companies and organizations can use the Versal Network to transfer blockchain-based digital assets such as crypto assets (virtual currencies) and central bank digital currencies (CBDC) faster and faster. It will be cheaper to ship.
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One of the purposes of this network is to connect the commercial activities of Web2 and Web3. For that reason, the company’s CEO Jim Nguyen explained that the design is designed so that users will not be aware that they are using blockchain. The purpose of the Versal Network is also to help businesses reduce the time it takes to offer efficient and easy-to-use payment apps.
Greg Siourounis, managing director of the Sui Foundation, said the following about the launch of the Versal Network:
Sui can provide unlimited scalability and is suitable for the We3 payment network being developed by Six Clovers.
With Six Clovers’ tools, all businesses on Sui will be able to seamlessly adopt blockchain payments.
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What is Six Clovers
Six Clovers made the announcement concise on Twitter, directing readers to read the details on CoinDesk. The company’s Twitter account hadn’t posted since November 2021 until this announcement.
First post in June 2021.At this time, it launched a decentralized payment network on the Algorand (ALGO) blockchain.announcementWas. At that time, it said that real-time international remittances would be realized, and the company has been reportedly compared to Swift (International Interbank Telecommunications Association).
Six Clovers explained that the Versal Network aims to solve the problems of traditional payment infrastructure. It is said that remittances that take several days can be performed immediately, making it easier for companies to manage settlement schedules.
In addition, it is also characterized by a design that emphasizes privacy and complies with travel rules from the beginning.
What are Travel Rules?
Rules for international wire transfers to prevent money laundering, etc. advocated by FATF (Financial Action Task Force). It also asks cryptocurrency companies to provide sender and receiver information during transactions.
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