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Clover Network

Clover Network, Inc. is an American technology company that develops cloud-based point-of-sale (POS) systems and payment processing solutions for small and medium-sized businesses. Founded in 2010 and headquartered in Sunnyvale, California, the company launched its Android-based platform in April 2012. It was acquired by First Data Corporation later that year and became part of Fiserv following the 2019 merger. Clover's platform includes hardware devices such as the Clover Station, , and Flex, supporting contactless payments including and , along with an app marketplace for third-party integrations. As of 2025, over 700,000 businesses use Clover worldwide, with the platform processing more than $337 billion in annualized gross payment volume and having sold its 4 millionth device.

Overview

Company profile

Clover Network, Inc. is a specializing in the development of cloud-based point-of-sale (POS) systems designed for small and medium-sized businesses in the , , and services sectors. Founded on October 15, 2010, by Leonard Speiser, John Beatty, Kelvin Zheng, and Mark Schulze, the company is headquartered in , . As of 2025, Clover Network employs approximately 1,507 people. The company launched its platform in April 2012, providing an Android-based operating system that integrates hardware, software, and payment processing to streamline business operations. Following its acquisition by in 2012, Clover became a wholly owned subsidiary of after the 2019 merger between Fiserv and First Data. Key milestones include rapid adoption post-launch, with annualized gross payment volume (GPV) reaching $133 billion by the third quarter of 2020. The platform has since experienced sustained growth, expanding to over $313 billion in annualized GPV by mid-2024 and $337 billion by Q3 2025, driven by increased merchant adoption and international expansion.

Technology platform

Clover Network's technology platform is a cloud-based point-of-sale (POS) system powered by a customized version of the Android operating system, enabling small and medium-sized businesses to create tailored solutions for transaction processing, inventory management, and customer engagement. This architecture integrates hardware and software seamlessly, allowing merchants to run applications on devices while leveraging cloud services for data storage and analytics. Key technical features include an open ecosystem, such as the and , which facilitates third-party app development and integration into the Clover App Market. The platform ensures secure payment processing through compliance for chip cards, tokenization to protect sensitive data by replacing it with unique identifiers, and to meet standards. Real-time data syncing across devices occurs via cloud connectivity, providing merchants with immediate access to sales reports and inventory updates. The development approach builds on the , with versions ranging from a hardened 8.1 ( Level 27) on older devices upgradable to 10.0 ( Level 29) to ( Level 33) on newer models such as the Clover Flex 4, offering hardware flexibility for various form factors like terminals and handheld units. It supports offline mode, allowing transactions to be processed without for up to seven days with configurable limits, followed by automatic cloud backup and submission upon reconnection. The platform evolved from its initial launch as a unified operating system in 2012, focusing on cloud integration for SMBs, to incorporate ongoing updates for DSS compliance, including adaptations for version 4.0 requirements effective April 2025. By 2025, it has integrated emerging technologies such as contactless payments via NFC-enabled devices, enhancing speed and security for tap-to-pay transactions.

History

Founding and early funding

Clover Network, originally known as Clover Finance, was founded in May 2020 by Burak Keçeli (CEO), Viven Kirby, and Norelle Ng, with the vision of creating a cross-chain infrastructure platform for (DeFi) applications in a multi-chain environment. The project released its whitepaper on April 5, 2021, outlining its Substrate-based architecture for Virtual Machine (EVM) and (WASM) compatibility, enabling seamless interoperability across blockchains like , , and Polkadot. In February 2021, Clover Finance secured a seed funding round of approximately $3 million from investors including , laying the groundwork for development. The project was further backed by prominent venture firms such as Huobi Ventures and Ventures, providing resources for building its cross-chain capabilities.

Product launches and expansion

Clover Network launched its mainnet in July 2021, introducing core features like cross-chain indexing and a smart relayer system to facilitate trustless interactions across disparate blockchains. In December 2021, the project won the fifth Polkadot parachain auction, securing a slot on the Polkadot relay chain for enhanced security, scalability, and . This milestone enabled deeper integration with the Polkadot ecosystem and supported the growth of DeFi applications. On March 10, 2022, Clover Finance rebranded to CLV (standing for Connectivity, Legible, Versatile), emphasizing its evolution as a foundational layer for . The network continued to expand, with a notable migration of its Binance Smart Chain (BSC)-based tokens to the ERC-20 standard in March 2025 to unify liquidity and address delistings on certain platforms. As of November 2025, Clover Network has processed over 19 million transactions across 153 validator nodes.

Products and services

Software features

Clover Network offers a suite of blockchain-based software tools focused on cross-chain and DeFi development. The CLV Multi-Chain is a key product, available as a mobile application, web wallet, and browser extension, enabling users to manage assets across multiple blockchains including , , Smart Chain, and Polkadot. It supports , NFT storage, and access to a dApp , with over 350,000 cumulative downloads as of late 2021. The CLV Chain serves as the core Layer-1 platform, built on with EVM and WASM compatibility, allowing developers to deploy and migrate smart contracts seamlessly using tools like , , and . Key features include cross-chain indexing for efficient data exploration across networks and a smart relayer system that automates fee coverage in the transaction's native token, enhancing usability without reliance on base currencies. Additional services encompass gas-fee redistribution, where a portion of transaction fees is allocated to dApp builders to incentivize growth, and support for decentralized governance via the CLV token. The platform facilitates dApp interactions through protocols that enable scalable, interoperable applications, positioning Clover as infrastructure for multi-chain DeFi. As of November 2025, the network supports up to 4,867 transactions per second across 153 validator nodes.

Corporate developments

Early Funding

Clover Network, operating as Clover Finance, secured initial funding in May 2020 through a $3 million seed round led by , with participation from Hypersphere Ventures and Divergence Ventures. Additional backing came from investors including OKX Ventures and Kyros Ventures, supporting the development of its cross-chain infrastructure.

Parachain Slot Acquisition

In December 2021, Clover Network won the fifth Polkadot parachain auction, earning a dedicated slot on the Polkadot relay chain. This milestone enhanced the platform's security, scalability, and interoperability within the Polkadot ecosystem.

Token Standardization and Ecosystem Growth

As of March 2025, Clover completed the migration of its BSC-based tokens to the ERC-20 standard on Ethereum, aiming to unify liquidity pools and address delistings from select platforms. The CLV token, which facilitates governance, staking, and fees, is traded on exchanges including Binance, Coinbase, and Gate.io.

Market impact

Adoption and growth metrics

Clover Network has seen steady adoption within the Polkadot ecosystem and broader DeFi space since its mainnet launch in May 2020. As of November 2025, the network has processed over 19 million transactions at an average cost of $0.00025, supporting up to 4,867 across 153 nodes. Its multi-chain wallet achieved over 350,000 downloads by late 2021, facilitating user access to cross-chain assets on platforms including and . The native CLV token, which powers , staking, and fees, is listed on major exchanges such as , , and Gate.io. However, in March 2025, following delistings from platforms like , Clover migrated its BSC-based tokens to the ERC-20 standard to unify and enhance . This adjustment aimed to streamline cross-chain operations amid evolving conditions. Growth has been supported by its role as a Polkadot parachain, secured in December 2021, enabling shared security and scalability for DeFi applications.

Sponsorships and partnerships

Clover Network has no recorded sponsorships in traditional sectors like sports. Instead, its market impact stems from strategic partnerships in the and DeFi ecosystems. Key backers include , Huobi Ventures, and Ventures, providing foundational support for development. Integrations with the Polkadot relay chain enhance cross-chain , allowing seamless interactions with , , Binance Smart Chain, and other networks. Clover collaborates with tools like for wallet compatibility and supports dApp development via EVM and WASM. Ecosystem partnerships include projects such as Chainlink for oracles and The Graph for indexing, bolstering its utility in multi-chain DeFi. These alliances position Clover as a key infrastructure for interoperable applications, contributing to its adoption in the Polkadot network.

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