South Korean payment giant NHN KCP collaborates with Avalanche to build a payment-dedicated L1 network

According to The Block, South Korean payment service provider NHN KCP has signed a memorandum of understanding with Ava Labs to jointly build a Layer 1 network aimed at payment scenarios based on Ava Cloud, covering three main areas: sub-second payment confirmation, on-chain transaction data encryption, and customizable merchant payment infrastructure.

The two parties 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, stated that the launch time of the L1 mainnet will largely depend on the progress of cryptocurrency regulatory regulations in South Korea.