Gate News message, April 14, South Korean payment service provider NHN KCP and Ava Labs signed a memorandum of cooperation, planning to jointly build a Layer 1 network for payment use cases based on Ava Cloud. The network will cover three major areas: sub-second payment confirmation, encryption of on-chain transaction data, and customizable merchant payment infrastructure. The two sides will also explore business opportunities such as tokenized deposit models, multi-stablecoin settlement structures, and cross-border payments. Justin Kim, Head of Ava Labs’ Asia region, said that the launch timeline for the L1 mainnet will depend to a large extent on the progress of South Korea’s crypto regulatory rules.
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