Stablecoin fee platform BVNK has launched Layer1, a self-custody digital asset infrastructure, in response to a June 27 assertion shared with CryptoSlate.
This platform helps companies launch stablecoin funds rapidly and securely, making certain management and privateness over their digital belongings.
Layer1
BVNK goals to streamline blockchain funds by way of its Layer1 resolution. This initiative tackles infrastructure challenges, enabling companies to rapidly implement digital asset funds globally, even with out intensive technical information.
Layer1 particularly targets vital points in present digital asset options. It accelerates time to market, offers blockchain abstraction, enhances knowledge privateness and management, and integrates with present techniques.
A few of the resolution’s automated functionalities embody pockets creation, reconciliation, asset administration, and integration with third-party companies. It additionally helps automated consolidation, multi-venue buying and selling, and complete treasury administration.
BVNK CTO and co-founder Donald Jackson stated the product was designed to satisfy the growing demand for blockchain merchandise. He said:
“Layer1 is the fruits of our learnings and it signifies that different companies can launch digital asset funds without having to be blockchain specialists, to know the way this or that community behaves, or when the subsequent onerous fork is coming – and without having to deploy a complete engineering group to develop software program for 2 years.”
Stablecoin funds
Layer1’s debut arrives amid strong growth within the stablecoin sector. Between 2019 and 2023, annual stablecoin transactions surged 18-fold, reaching roughly $7 billion.
Throughout this era, stablecoin holders peaked at 100 million, with the entire market capitalization of belongings within the sector reaching $160 billion, principally made up of USDT. The business has additionally attracted robust curiosity from conventional monetary fee establishments like Visa and PayPal.
Jesse Hemson-Struthers, BVNK CEO, highlighted this rising urge for food amongst varied entities—from main monetary establishments to buying and selling companies and crypto enterprises—for self-hosted options in response to this development.
He stated:
“With Layer1, we’ve constructed a product that permits these companies to entry core stablecoin funds infrastructure, to allow them to spend their time as an alternative on constructing differentiated merchandise.”
