Svmuu News: South Korean payment service provider NHN KCP has signed a Memorandum of Understanding (MoU) with Ava Labs to develop a payment-focused Layer 1 network using Ava Cloud. This network aims to achieve sub-second payment processing authorization, on-chain encryption of transaction data, and provide customizable infrastructure for merchants. Furthermore, both parties will jointly explore business opportunities in the digital commerce field, including tokenized deposit models, multi-stablecoin settlement structures, and cross-border payments. Justin Kim, Head of Asia at Ava Labs, stated that the launch date of this Layer 1 network will depend on the passage of pending cryptocurrency regulatory bills in South Korea.