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

According to Mars Finance, as reported by The Block, South Korean payment service provider NHN KCP and Ava Labs have signed a memorandum of understanding to jointly build a Layer 1 network for payment scenarios based on Ava Cloud. The network will cover three main areas: sub-second payment confirmation, on-chain transaction data encryption, and customizable merchant payment infrastructure. The two companies 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 L1 mainnet launch timeline will largely depend on the progress of South Korean cryptocurrency regulations.