BVNK, a stablecoin payment platform, has unveiled Layer1, a self-custody digital asset infrastructure designed to help businesses quickly launch stablecoin payments securely. This solution aims to simplify blockchain payments and overcome infrastructure challenges, allowing businesses to implement digital asset payments globally without requiring extensive technical knowledge. Layer1 specifically addresses critical issues in existing digital asset solutions by accelerating time to market, providing blockchain abstraction, enhancing data privacy and control, and integrating with existing systems.
The automated features of Layer1 include wallet creation, reconciliation, asset management, integration with third-party services, automated consolidation, multi-venue trading, and comprehensive treasury management. Donald Jackson, BVNK CTO and co-founder, emphasized that Layer1 was developed to meet the growing demand for blockchain products. With this solution, businesses can launch digital asset payments without being experts in blockchain technology or needing a full engineering team to develop software for years.
The launch of Layer1 comes at a time of significant growth in the stablecoin sector, with annual stablecoin transactions increasing 18-fold between 2019 and 2023, totaling around $7 billion. The sector has seen a surge in stablecoin holders, reaching 100 million, and the total market capitalization of assets in the sector hitting $160 billion, mainly driven by USDT. Traditional financial payment institutions like Visa and PayPal have shown strong interest in the stablecoin industry.
Jesse Hemson-Struthers, BVNK CEO, noted the growing demand among various entities, including major financial institutions, trading firms, and crypto enterprises, for self-hosted solutions in response to the rapid growth of the stablecoin sector. With Layer1, BVNK aims to provide firms with core stablecoin payments infrastructure, allowing them to focus on building unique products rather than dealing with the complexities of blockchain technology.
In conclusion, the introduction of Layer1 by BVNK marks a significant step in simplifying stablecoin payments for businesses and addressing the challenges faced by existing digital asset solutions. With its automated functionalities and focus on data privacy and control, Layer1 provides a secure and efficient way for businesses to launch stablecoin payments globally. As the stablecoin sector continues to expand rapidly, solutions like Layer1 are crucial in meeting the needs of businesses and financial institutions seeking to leverage blockchain technology for payment processing.
