Two former PayPal executives have launched a decentralised cross-border payment network that connects both traditional and digital currencies.

The new company, Six Clovers, is a FinTech infrastructure that links banks, merchants, and payment providers to transact in digital currencies around the world.

The business, founded by ex-PayPal executives Jim Nguyen and Nas Kavian, is backed by investments from Borderless Capital as the lead investor with participation from BCW Group and Grupo Supervielle, one of Argentina’s leading banks, along with angel investors.

The payment network is built on Algorand, a blockchain which facilitates the convergence of decentralised and traditional finance.

The network uses regulated stable coins including USDC to represent fiat on-chain, and enables the instant transfer of value between sender and receiver.

Six Clovers said that while financial institutions primarily rely on the SWIFT protocol for cross-border payments, the process is a “long, multi-day journey” across the network of banks, often spanning multiple time zones, and incurring fees for each intermediary.

The company said that with an estimated $2.5 quadrillion transferred globally each year, the market is “ready for an upgrade.”

“Six Clovers is a next-generation payments infrastructure that solves many of today’s challenges with domestic and cross-border payments, while opening up a whole new world of digital finance opportunities,” said Jim Nguyen, co-founder and chief, Six Clovers. “We equip financial institutions, payment providers, and merchants with a full-stack, blockchain native payment infrastructure to seamlessly and securely move and transact in digital currencies globally.”

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