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

Mars Finance reports that, according to The Block, South Korean payment service provider NHN KCP has signed a memorandum of understanding with Ava Labs, planning to jointly build a Layer 1 network focused on 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 South Korea’s cryptocurrency regulatory laws.