Six Clovers

Six Covers offers blockchain-based payment infrastructure that connects banks, payment providers, and merchants—primarily for cross-border transactions. The company was co-founded by former PayPal executives Jim Nguyen and Nas Kavian.

The company’s “RAMP” and “RAPID” products can be integrated into existing or new payment platforms using application programming interfaces (APIs). RAMP is a single API connection to on- and off-ramp digital currencies as the backend enabler for end-users to make cross-border payments using credit cards, bank transfers, and other methods. The RAPID platform is a decentralized payment network that enables real-time cross-border payments and fund transfers using the Algorand blockchain technology and regulated stablecoins.

RAPID’s ambition is to replace traditional SWIFT cross-border payment technology by offering a faster and cheaper payment clearance system that replaces intermediaries. RAPID claims the cross-border transactions can be completed in real-time through the platform, compared to current multi-day delays. Six Clovers also claims that its RAPID platform can handle around 46,000 transactions per second (TPS); substantially higher Visa (nearly 2,000 TPS) and Bitcoin (around 5 TPS).

As of June 2021, Six Clovers mainly offered its product to Latin America, Europe, and Southeast Asia (including Singapore). The company is focused on just a few countries in each region due to challenges from lawmakers, competitors, and low levels of partnerships in certain markets such as China.