Six Clovers, developer of crypto payment systems, released Versal Network, on the Sui Blockchain, to provide companies with an service that can facilitate trans-border transactions.

Sui launched its mainnet in May and reached a peak of 1,007 transactions per second (tps) over the past 30 days, according to a href=”https://www.coindesk.com/business/2023/05/03/sui-mainnet-goes-live” rel=”noopener” target=”_blank”>SuiExplorer data/a>. Sui released its mainnet on May 1st and has seen a maximum of 1,007 transaction per second (tps), according to SuiExplorer.

The topic of cross-border payments using cryptocurrency is a hot one. Both the Bank for International Settlements, and the International Monetary Fund tested cross-border transactions involving central bank digital currency (CBDCs). recently expanded its Lightning Network Payments service in Mexico.

Jim Nguyen is the co-founder and chief executive officer of Six Clovers, a San Francisco-based company. He said: “Our vision to unlock the power of digital assets on-chain for the next billion people has been made possible by Sui.” The way to achieve this is by closing the gap between Web3 and established ecommerce, and abstracting the Blockchain and making the Infrastructure invisible to the customers.

The Versal Network API gives businesses the chance to integrate the Versal Network into their existing technology stacks. This allows them to transact with stablecoins or central bank digital currency (CBDCs).

According to , DefiLlama, the total value locked (TVL), on the Sui Network is low at $11.8 million. Comparatively, Optimism is another layer 1 chain with $795 million.

Ex-PayPal Execs Launch Cross-Border Payments Network in Algorand

Sheldon Reback is the editor.