On June 29, Six Clovers, a company founded by former PayPal business and technology leaders Jim Nguyen and Nas Kavian, introduced the Versal Network on the Sui blockchain. This decentralized global payments network enables businesses to streamline cross-border transactions. By utilizing Six Clovers’ crypto payment systems, users can now conduct digital currency transactions on a global level.
The Versal Network, as built on the Sui blockchain, is an innovative fusion of both decentralized and traditional finance. Mr. Nguyen, co-founder and CEO of San Francisco-based Six Clovers, outlined the vision of the network: “Our vision of unlocking the power of on-chain digital assets for the next billion users is being made possible on Sui, by abstracting the blockchain and making the infrastructure invisible to customers.”
Moreover, the Sui blockchain ecosystem boasts other notable components such as Transak, a platform which facilitates users in purchasing SUI tokens with fiat money. Moreover, Halliday HQ, a layer 1 blockchain founded by former Meta Platforms (META) employees, announced a successful funding round in September and achieved a valuation of $2 billion.
In May 2023, Sui launched its mainnet and achieved a peak of 1,007 transactions per second (tps) within the last 30 days. Sui is a Layer 1 blockchain with its native token, differentiating itself through high-speed transactions, instant processing, and scalability using the Move programming language based on Rust. It operates on a delegated proof-of-stake consensus and has a maximum supply of 10 billion SUI tokens, with 14% available for investor purchase.
SUI has an $11.65 million Total Value Locked (TVL), with a 24-hour trading volume of $2.53 million and a 7-day trading volume of $17.76 million, according to DefiLama. Additionally, the Binance exchange added to Sui’s attention by making it available through Launchpool. Further, Justin Sun, the founder of Tron, deposited $56 million in TrueUSD stablecoins into Binance to farm SUI tokens, sparking a response from Binance CEO Changpeng Zhao. Subsequently, Sun arranged a refund for the Binance transfer, and the farmed SUI tokens were reallocated to the TUSD liquidity pool.
The future of cryptocurrency in remittances and cross-border payments appears to be lucrative. The global remittance market is projected to reach $930 billion by 2026, presenting a substantial opportunity for cryptocurrency adoption. Recently, discussions have revolved around using cryptocurrency for cross-border payments, and institutions like the Bank for International Settlements and the International Monetary Fund have conducted tests on cross-border transactions involving central bank digital currencies (CBDCs) within the last year. It is estimated that by 2030, CBDCs will have significantly enhanced cross-border payments, with transactions surpassing $213 billion worldwide. According to a report by Statista and Payments Cards & Mobile, CBDCs are among the developments that hold the potential to enhance cross-border payments. These digital currencies, similar to cryptocurrencies, are created and issued by central banks.