15 June UK: This PR blog is all about the digital currency industry latest news in UK. So, what do we have here? We will discuss the launch of the latest cross-platform, cross-border decentralized payment system.

The aim is to be better than the existing platforms in terms of speed, cost-efficiency, and transparency. The mode of the transaction will be stablecoins, according to the experts at Borderless. These stablecoins are representing or at least closely mimicking, fiat currency. The idea came from the brains of former PayPal employees, Jim Nguyen and Nas Kavian who formed Six Clovers. Borderless is backing the idea.

The company has launched a network that offers connectivity between banks, merchants, payment gateways, thus enhancing the facility of cross-border cryptocurrency transactions. The network is named RAPID, and it is developed on the Algorand network. It works on the Proof-of-Stake protocol, so users will be already familiar with it's workings.

According to the CEO of Algorand, Steve Kokinos, the service can play a crucial role in the expansion of cryptocurrency services, both centralized and decentralized. Also, it will reduce the distance between these sections.

Currently, people are using the SWIFT protocol for this purpose. While it's good, it can still do better. RAPID is that alternative, as it supports P2P transactions, and can perform up to 46,000 transactions in a second.

According to David Garcia (CEO, Borderless), this is completely a novel idea. No not the part of cross-border transactions, but the part of using stablecoins to represent real-time money. This will bring more institutions to accept and adopt this digital currency form.

But why Algorand, and not something else? For a couple of reasons, these experts say. Algorand is one of the networks that can boast of being completely devoid of carbon footprint.

The network has partnered up with ClimateTrade to promote this fact and the mantra of sustainability. The credits acquired on this network can be transformed into a green treasury too.

The concept is pretty interesting, and if it delivers, it will offer an awesome opportunity. Experts are working on ways to make cryptocurrencies, and DeFi more accessible, cheaper, and more enjoyable.

Don't you find this news interesting? For more interesting news, visit AtoZCrypto.org, and you won't be disappointed.