Six Clovers, a developer, has introduced cross-border crypto payments on Sui.

Six Clovers, a developer of crypto payment systems, has launched Versal Network on the Sui blockchain. The network aims to provide companies with a service that can facilitate cross-border transactions. This news was announced in a press release.

Versal Network joins Transak, a platform that enables people to purchase SUI tokens with fiat currency, and Halliday HQ on Sui. Halliday HQ is a layer 1 blockchain founded by former employees of Meta Platforms (META) and was valued at $2 billion in a funding round held in September. Sui launched its mainnet in May and has reached a peak of 1,007 transactions per second (tps) in the last 30 days, according to SuiExplorer data.

Recently, there has been significant interest in cross-border payments using cryptocurrency. The Bank for International Settlements (BIS) and the International Monetary Fund (IMF) have both conducted tests on cross-border transactions using central bank digital currencies (CBDCs) in the past year. Strike, a digital payments firm, has also expanded its Lightning Network payments service to Mexico.

“Our goal of harnessing the potential of on-chain digital assets for the next billion users is now achievable on Sui,” said Jim Nguyen, co-founder and CEO of Six Clovers, based in San Francisco. “To accomplish this, we need to bridge the gap between established e-commerce and Web3 commerce by abstracting the blockchain and making the infrastructure invisible to customers.”

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The Versal Network offers programming hooks (API) that allow businesses to integrate the network into their existing technology systems. This integration enables them to transact in stablecoins and central bank digital currencies (CBDCs).

As of now, the total value locked (TVL) on the Sui Network is relatively low, standing at around $11.8 million, according to DefiLlama. In contrast, Optimism, another layer 1 blockchain, has a TVL of $795 million.

See also: Ex-PayPal Execs Launch Cross-Border Payments Network on Algorand

Edited by Sheldon Reback.