BVNK launches Layer1 to simplify stablecoin payments for businesses BVNK launches Layer1 to simplify stablecoin payments for businesses
Over the years, there is an increase in the number of traditional financial institutions showing interest in stablecoins payments.
2 min read
Updated: Jun. 27, 2024 at 3:10 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Stablecoin payment platform BVNK has introduced Layer1, a self-custody digital asset infrastructure, according to a June 27 statement shared with CryptoSlate.
This platform helps businesses launch stablecoin payments quickly and securely, ensuring control and privacy over their digital assets.
Layer1
BVNK aims to streamline blockchain payments through its Layer1 solution. This initiative tackles infrastructure challenges, enabling businesses to quickly implement digital asset payments globally, even without extensive technical knowledge.
Layer1 specifically targets critical issues in current digital asset solutions. It accelerates time to market, provides blockchain abstraction, enhances 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-venue trading, and comprehensive treasury management.
BVNK CTO and co-founder Donald Jackson said the product was designed to meet the increasing demand for blockchain products. He stated:
“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.”
Stablecoin payments
Layer1’s debut arrives amid robust expansion in the stablecoin sector. Between 2019 and 2023, annual stablecoin transactions surged 18-fold, reaching 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, mostly made up of USDT. The industry has also attracted strong interest from traditional financial payment institutions like Visa and PayPal.
Jesse Hemson-Struthers, BVNK CEO, highlighted this rising appetite among various entities—from major financial institutions to trading firms and crypto enterprises—for self-hosted solutions in response to this growth.
He said:
“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.”
Posted In: Stablecoins, Web3
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
