BVNK Launches Layer1 for Stablecoin Payments
BVNK, a stablecoin payment platform, has introduced Layer1, a self-custody digital asset infrastructure, as announced on June 27.
Secure and Efficient Business Solutions
Layer1 facilitates businesses in launching stablecoin payments rapidly and securely. It ensures control and privacy over digital assets.
Streamlining Blockchain Payments
BVNK’s Layer1 aims to simplify blockchain payments. This solution addresses infrastructure challenges, allowing businesses to implement digital asset payments globally without requiring extensive technical knowledge.
Key Features of Layer1
Layer1 addresses critical issues in current digital asset solutions. It accelerates time to market, offers blockchain abstraction, enhances data privacy and control, and integrates with existing systems.
Some of its automated features include:
- Wallet creation
- Reconciliation
- Asset management
- Integration with third-party services
It also supports automated consolidation, multi-venue trading, and comprehensive treasury management.
Meeting the Demand for Blockchain Products
Donald Jackson, BVNK’s CTO and co-founder, stated that the product was designed to meet the growing demand for blockchain products. He explained:
“Layer1 is the culmination of our learnings. It enables businesses to launch digital asset payments without needing to be blockchain experts, understand network behaviors, or anticipate hard forks – all without requiring an entire engineering team for software development over two years.”
Growth in Stablecoin Payments
Layer1’s introduction coincides with significant growth in the stablecoin sector. From 2019 to 2023, annual stablecoin transactions increased 18-fold, reaching around $7 billion. During this time, stablecoin holders peaked at 100 million, with the sector’s total market capitalization hitting $160 billion, primarily driven by USDT.
Interest from Financial Institutions
Traditional financial payment institutions, such as Visa and PayPal, have shown strong interest in the stablecoin industry. Jesse Hemson-Struthers, BVNK’s CEO, emphasized the increasing demand among major financial institutions, trading firms, and crypto enterprises for self-hosted solutions.
He remarked:
“With Layer1, we’ve built a product that allows these firms to access core stablecoin payments infrastructure, so they can focus on developing differentiated products.”
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