Payy has raised $6M for private stablecoin transfers.
The company building a novel stablecoin spending card solution and an EVM-compatible network with privacy in mind has announced a $6M seed investment. FirstMark Capital led the round, with participation from Robot Ventures and DBA Crypto.
Privacy is big feature of the Payy ethos and rivals parallel stablecoin debit card and stablecoin credit card providers, such as Rain, RedotPay, and MetaMask. They mainly partner with existing networks such as Visa and Mastercard, although transactions can be found onchain.
The Payy team has built ERC-20 privacy pools for transactions sent on Ethereum, which means daily purchases are more hidden from block explorers, as well giving consumers the ability to select different private data storage options. Gas fees can be paid in PUSD or Payy token.
Each stage in the architecture gives varying degrees of privacy to the sender, receiver, and underlying transfer details. There are: 1) settling directly on the Payy Network; 2) settling directly on Ethereum via a bridge; and 3) using ZK (Zero-Knowledge) proof contracts.
