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South Korean payment service provider NHN KCP has partnered with Ava Labs, planning to build a payment-focused Layer 1 network based on Ava Cloud. The network aims to achieve sub-second payment authorization and on-chain data encryption. Additionally, both parties will jointly explore tokenized deposits, stablecoin settlements, and cross-border payments. Ava Labs' head of Asia said that the specific launch date of the network will depend on the legislative progress of South Korea's crypto regulation bill. (The Block)