Korean Payment Service Provider Collaborates with Ava Labs to Develop Payment-Focused Layer 1 Network on Avalanche

Odaily reported that Korean payment service provider NHN KCP has signed a Memorandum of Understanding (MoU) with Ava Labs to develop a payment-focused Layer 1 network using Ava Cloud. This network aims to achieve sub-second payment processing authorization, on-chain encryption of transaction data, and provide customizable infrastructure for merchants. Furthermore, both parties will jointly explore business areas in digital commerce such as tokenized deposit models, multi-stablecoin settlement structures, and cross-border payments. Justin Kim, Head of Asia at Ava Labs, stated that the launch date for this Layer 1 network will depend on the passage of South Korea's pending cryptocurrency regulatory bill.