{"id":275065,"date":"2021-06-15T16:00:00","date_gmt":"2021-06-15T13:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/former-paypal-employees-launch-decentralized-cross-border-payment-network-on-algorand\/"},"modified":"2021-06-15T16:00:00","modified_gmt":"2021-06-15T13:00:00","slug":"former-paypal-employees-launch-decentralized-cross-border-payment-network-on-algorand","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/former-paypal-employees-launch-decentralized-cross-border-payment-network-on-algorand\/","title":{"rendered":"# Former PayPal employees launch decentralized cross-border payment network on Algorand"},"content":{"rendered":"<p>&#8220;<strong># Former PayPal employees launch decentralized cross-border payment network on Algorand <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvODI1NzIxNTctNWFjOS00ZDkyLWI5MzQtNzlhM2YyZmIwN2ZjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Two former PayPal workers in business and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> have launched a cross-border payment system aimed at \u201cfaster, cheaper, and more transparent payments.\u201d<\/p>\n<p>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.<\/p>\n<p>\u201cSix Clovers is creating a bridge between traditional and decentralized finance, expanding access to the next generation of digital products and services,\u201d said Algorand CEO Steve Kokinos.<\/p>\n<p>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.<\/p>\n<p><strong><em>Related:\u00a0JPMorgan and DBS to launch blockchain cross-border payment platform<\/em><\/strong><\/p>\n<p>\u201cFueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before,\u201d said Borderless Capital CEO David Garcia. \u201c[The network] is going to unleash a wave of mass blockchain adoption across banks, merchants, and payment providers as they see the need to embrace the digital future.\u201d<\/p>\n<p>A proof-of-stake protocol, Algorand said its blockchain is fully carbon neutral as of April. The project has\u00a0implemented a \u201csustainability oracle\u201d in partnership with ClimateTrade\u00a0to notarize its on-chain carbon footprint and then lock the equivalent amount of carbon credits into a &#8220;green treasury.&#8221;<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/former-paypal-employees-launch-decentralized-cross-border-payment-network-on-algorand\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Former PayPal employees launch decentralized cross-border payment network on Algorand &#8221; Two former PayPal workers in business and technology have launched a cross-border payment system aimed at \u201cfaster, cheaper, and more transparent payments.\u201d In an announcement today, fintech infrastructure firm Six Clovers said it had launched its RAPID network connecting banks, merchants, and payment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":275066,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvODI1NzIxNTctNWFjOS00ZDkyLWI5MzQtNzlhM2YyZmIwN2ZjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75866,74870,74889,76574,75493,117],"class_list":["post-275065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-algorand","tag-p2p","tag-payments","tag-paypal","tag-stablecoin","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/275065","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=275065"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/275065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/275066"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=275065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=275065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=275065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}