The crypto payment systems developer, Six Clovers, just unveiled the Versal Network on the Sui blockchain in a bid to facilitate cross-border transactions for companies. It shares the Sui blockchain space with Transak, a platform that enables users to purchase SUI tokens using fiat currency, and Halliday HQ, both of which were established by former employees of Meta Platforms. As of a recent financing round in September, the Sui blockchain was valued at $2 billion.
This innovative blockchain made its mainnet debut in May and has since seen its peak transaction rate surge to a whopping 1,007 transactions per second (tps). Still, the intricate topic of cross-border payments using cryptocurrencies has gathered momentum in the current times, with institutions like the Bank for International Settlements and the International Monetary Fund making headway into testing central bank digital currencies (CBDCs) for cross-border transactions.
Six Clovers, based in San Francisco, envisions using the power of on-chain digital assets to attract the next billion users, with a strategy honed on bridging the gap between conventional e-commerce and the emerging Web3 commerce. To realize this, they aim to abstract the blockchain, effectively rendering the underlying infrastructure invisible to users.
The intriguing addition of Versal Network programming hooks (API) offers businesses the chance to integrate this network into their existing tech stacks and consequently transact using stablecoins and CBDCs.
However, while we’re still in the early phases, the overall value of funds (TVL) locked on the Sui Network stands at a relatively modest $11.8 million. Comparatively, Optimism, a fellow layer 1 blockchain, boasts a stronger TVL of $795 million.
A careful examination of the emerging trends reveals an increased flux towards the fascinating world of transacting online, and the bridge between conventional and crypto-infused economies appears to be slowly closing. However, the discrepancy in the total value locked across networks seems to suggest some wariness or perhaps a lack of confidence in the traditionally volatile world of cryptocurrencies. Ultimately, it is evident that the future of crypto lies within striking the right balance between sky-high potential and keeping a level head in this new digital frontier.
Source: Coindesk
