BVNK debuts Layer1 to enhance stablecoin payment systems -

BVNK debuts Layer1 to enhance stablecoin payment systems

Jun 27, 2024Jeremy ParkinsonCryptocurrency, No picture0

Key Insights

Layer1 simplifies blockchain complexities, allowing rapid stablecoin payment integration.
BVNK’s Layer1 platform prioritizes user control and security in digital asset management.

Global payment infrastructure provider BVNK has unveiled Layer1, a new self-custody digital asset infrastructure designed to enable businesses to deploy stablecoin payments swiftly and securely, according to BVNK’s blog announcement published today.BVNK’s Layer1 addresses the challenges of developing blockchain payment systems in-house by offering automated features such as wallet creation, asset management, and third-party integrations, the team shared in the press release. The new platform also allows businesses to completely control their digital assets. Donald Jackson, the co-founder and CTO of BVNK, said Layer1 aims to help businesses bypass the complexity of blockchain product development.

“Each blockchain, each digital asset, has its own quirks. We’re in a unique position of starting from a green field for our own global payments infrastructure, which we’ve spent five years building,” said Jackson.

“Layer1 is the culmination of our learnings and it means that other businesses can launch digital asset payments without needing to be blockchain experts, to know how this or that network behaves, or when the next hard fork is coming – and without needing to deploy an entire engineering team to develop software for two years,” he added.

Layer1 distinguishes itself by ensuring businesses retain full control and ownership over their data and digital asset keys, unlike other market alternatives, the team highlighted in the announcement.Jesse Hemson-Struthers, the co-founder and CEO of BVNK, noted the increasing demand for self-hosted solutions across various industries.

“With Layer1, we’ve built a product that allows these firms to access core stablecoin payments infrastructure, so they can spend their time instead on building differentiated products,” he said.

In May, BVNK announced the integration of the PayPal USD (PYUSD) stablecoin into its payment system, increasing access to BVNK’s ecosystem of digital currencies. As an approved member of the PYUSD ecosystem, BVNK can directly mint and burn PYUSD tokens for customers.Earlier this month, BVNK launched US dollar payments via Swift, enabling global businesses to access its stablecoins services.