Stablecoin payments platform BVNK has introduced Layer1, a self-managed digital asset infrastructure, according to a June 27 statement shared with CryptoSlate.
This platform helps businesses make stablecoin payments quickly and securely, ensuring control and privacy over their digital assets.
Low1
BVNK aims to streamline blockchain payments through its Layer1 solution. This initiative addresses infrastructure challenges, allowing businesses to quickly deploy digital asset payments globally, even without extensive technical knowledge.
Layer1 specifically addresses critical issues in today’s digital asset solutions. It accelerates time to market, provides blockchain abstraction, improves data privacy and control, and integrates with existing systems.
Some of the solution’s automated functionalities include wallet creation, reconciliation, asset management, and integration with third-party services. It also supports automated consolidation, multi-location trading and comprehensive treasury management.
BVNK CTO and co-founder Donald Jackson said the product is designed to meet the increasing demand for blockchain products. He claimed:
“Layer 1 is the culmination of our learnings and it means that other companies can launch digital asset payments without having to be blockchain experts, to know how this or that network behaves, or when the next hard fork is coming – and without having to employ a blockchain expert. entire engineering team to develop software for two years.”
Stablecoin payments
Layer1’s debut comes amid robust expansion in the stablecoin sector. Between 2019 and 2023, annual stablecoin transactions increased eighteenfold, to approximately $7 billion.
During this period, stablecoin holders peaked at 100 million, with the total market capitalization of assets in the sector reaching $160 billion, largely made up of USDT. The sector has also received strong interest from traditional financial payment institutions such as Visa and PayPal.
Jesse Hemson-Struthers, CEO of BVNK, highlighted this increasing interest among various entities – from large financial institutions to trading firms and crypto ventures – for self-hosted solutions in response to this growth.
He said:
“With Layer1, we’ve built a product that gives these companies access to core stablecoin payments infrastructure so they can spend their time building differentiated products.”