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, guaranteeing management and privateness over their digital property.
Layer1
BVNK goals to streamline blockchain funds by way of its Layer1 answer. This initiative tackles infrastructure challenges, enabling companies to rapidly implement digital asset funds globally, even with out intensive technical data.
Layer1 particularly targets essential 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 answer’s automated functionalities embody pockets creation, reconciliation, asset administration, and integration with third-party providers. 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 rising demand for blockchain merchandise. He acknowledged:
“Layer1 is the fruits of our learnings and it signifies that different companies can launch digital asset funds while not having to be blockchain specialists, to understand how this or that community behaves, or when the subsequent exhausting fork is coming – and while not having to deploy a complete engineering staff to develop software program for 2 years.”
Stablecoin funds
Layer1’s debut arrives amid sturdy enlargement 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 overall market capitalization of property 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 numerous 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 enables these companies to entry core stablecoin funds infrastructure, to allow them to spend their time as a substitute on constructing differentiated merchandise.”
