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South Korean payment service provider collaborates with Ava Labs to develop an Avalanche-based payment Layer 1 network
ME News Report, April 14 (UTC+8), South Korean payment service provider NHN KCP has signed a memorandum of understanding with Ava Labs to develop a Layer 1 network focused on payment services using Ava Cloud. The network aims to enable sub-second payment processing authorization, on-chain encryption of transaction data, and provide customizable infrastructure for merchants. Additionally, both parties will jointly explore tokenized deposit models, multi-stablecoin settlement structures, cross-border payments, and other digital commerce business areas. Justin Kim, head of Ava Labs Asia, stated that the launch date of this Layer 1 network will depend on the passage of pending crypto regulation legislation in South Korea. (Source: ODAILY)