Privacy Stablecoin Project Payy Completes $6M Seed Round, Led by FirstMark Capital

BlockBeats News, March 26. Stablecoin startup Payy announced the completion of a $6 million seed round of financing, led by FirstMark Capital, with participation from Robot Ventures and DBA Crypto.

Formerly known as Polybase, Payy transitioned in 2023 to focus on stablecoin payments, with a core focus on achieving on-chain transaction privacy through zero-knowledge proofs. Its products include a self-custody wallet and a Visa-enabled payment card, while also developing the Payy Network, a privacy payment network based on the Ethereum Layer 2.

Currently, Payy has a presence in 120 countries, with over 100,000 users and an annualized transaction volume of around $130 million. In the future, the company will focus on expanding its enterprise customer base to promote the use of stablecoins in financial institutions and payment scenarios.