Stablecoin startup Payy, focused on private transactions, raises $6 million in seed funding
Payy, a stablecoin startup focused on privacy, raised $6 million in seed funding led by FirstMark Capital to build a privacy-focused payments network.Summary
Payy, a startup initially known as Polybase, has secured $6 million in seed funding led by FirstMark Capital, bringing its total funding to $8 million. The company is developing a privacy-focused payments network using zero-knowledge technology to address the lack of privacy in traditional stablecoin transactions. Payy offers a self-custodial wallet and a Visa card enabling private USDC spending, and is building the Payy Network, an Ethereum Layer 2 rollup for shielded transactions. Currently used by over 100,000 users across 120 countries processing $130 million in annualized transaction volume, Payy is now targeting enterprise clients and plans to launch a testnet next month, with a mainnet rollout planned for this summer, and a native token in the future.
(Source：The Block)