BlockBeats news: On April 14, South Korean payment service provider NHN KCP signed a memorandum of cooperation with Avalanche development team Ava Labs to jointly build a Layer 1 blockchain network designed for real-world payment scenarios. The network will be built on Ava Labs’ Ava Cloud service, which is specifically designed for enterprises to autonomously deploy and manage L1 blockchains.
According to both parties' statements, the collaboration will focus on three core areas: sub-second ultra-high-speed payment authorization, on-chain encryption of transaction data, and a customizable payment ecosystem infrastructure for merchants. The two parties plan to first validate technical feasibility through proof-of-concept projects before expanding cooperation to global financial and payment institutions. Justin Kim, Head of Asia at Ava Labs, revealed that the official launch timeline for the new L1 network will largely depend on the progress of South Korea’s cryptocurrency regulatory framework.
In addition to infrastructure development, NHN and Ava Labs will jointly explore new digital commerce opportunities such as tokenized deposit models, multi-stablecoin settlement architectures, and cross-border payments. Previously, KB Kookmin Bank, one of South Korea’s largest credit card companies, announced last month a collaboration with Avalanche to develop a hybrid stablecoin payment model that connects credit cards with digital wallets, enabling users to use both stablecoins and credit limits on their existing credit cards.