Two Former PayPal Execs Launch Crypto Payments Platform To Fight SWIFT Banking System

Two former PayPal PYPL executives have announced the launch of Six Clovers, a cryptocurrency payments firm aiming to connect traditional and digital assets through decentralized systems.

What Happened: According to an announcement shared with Benzinga on Tuesday, Six Clovers was founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian with backing by Borderless Capital as the lead investor with participation from BCW Group and leading Argentinian bank Grupo Supervielle SUPV.

The company will leverage the Algorand ALGO/USD blockchain to enable faster, cheaper, and more transparent payments.

Six Clovers' system purportedly allows organizations to perform real-time payments through the use of tokenized fiat currencies known as stablecoins while also enjoying the advantages of their borderless nature.

Nguyen — who is the firm's co-founder and CEO — claims that the infrastructure developed by the firm "solves many of today’s challenges with domestic and cross-border payments."

The announcement points out that financial institutions and businesses — even those that claim to be modern — primarily rely on SWIFT for cross-border payments.

Read also: This Crypto Startup Aims To Become 'The Greenest Blockchain' To Fight Rising Environmental Concerns

This is a protocol that was introduced in the 70s and has relied on multiple intermediaries to move money across the globe.

As a consequence, most international settlements take multiple days and go through numerous intermediaries, with each of them charging a fee.

Six Clovers' RAPID uses blockchain technology and enables peer-to-peer transactions taking just seconds while being active 24/7.

The system will reportedly allow banks, merchants, and payment providers to accept and render payments in digital currencies.