Former PayPal employees launch decentralized cross-border payment network on Algorand

Two former Paypal workers in business and technology have launched a cross-border payment system.

In an announcement today, fintech infrastructure firm Six Clovers said it had launched its RAPID network connecting banks, merchants, and payment providers, allowing clients to transact in digital currencies and fiat. Founded by former PayPal employees Jim Nguyen and Nas Kavian and backed by venture capital firm Borderless Capital, the network is built on the Algorand blockchain and employs the technology behind stablecoins to represent fiat.

The project claims its network will offer an alternative for payment providers currently using the SWIFT protocol for cross-border payments. RAPID uses USD Coin (USDC) to represent fiat on the Algorand blockchain, provides P2P transactions, and can reportedly handle up to 46,000 transactions per second.

🔎 HEADLINES