PANews April 14 news, according to The Block report, 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 scenarios on Avalanche. The parties will utilize Ava Cloud services to establish a mainnet aimed at real payment use cases, focusing on sub-second payment authorization, on-chain transaction data encryption, and customizable merchant payment ecosystems. The two sides also plan to explore new business opportunities in areas such as tokenized deposits, multi-stablecoin settlements, and cross-border payments.

The CEO of NHN KCP stated that this collaboration will combine the company's payment operation experience with blockchain technology to create an innovative model that can be immediately applied to real business. The head of Ava Labs in Asia mentioned that the launch time of this L1 largely depends on the progress of the cryptocurrency regulatory bill pending in South Korea.