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

Cointelegraph

Published Jun 15, 2021 09:00AM ET

Updated Jun 15, 2021 10:40AM ET

Two former PayPal workers in business and technology have launched a cross-border payment system aimed at “faster, cheaper, and more transparent payments.”

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.

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