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.

AccessTimeIconJun 29, 2023 at 1:00 p.m. UTC
Updated Jun 29, 2023 at 8:51 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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.

Edited by Sheldon Reback.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.