Privacy-focused stablecoin payment network Payy raises $6 million in seed funding, led by FirstMark Capital.

PANews reported on March 26th that Payy, a startup focusing on privacy-focused stablecoin payments, has completed a $6 million seed funding round. The round was led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto. Formerly the Web3 database project Polybase, Payy transitioned to stablecoin payments in 2023. It currently offers self-custodied wallets and Visa cards supporting USDC transactions. Payy has also developed the Payy Network, a Layer 2 network on Ethereum using zero-knowledge proofs, enabling on-chain privacy for transaction amounts and addresses. The company claims its platform already covers over 100,000 users in 120 countries, with an annualized transaction volume of approximately $130 million. Going forward, it will focus on providing stablecoin payment solutions to financial institutions and fintech companies and plans to launch its native token.