TLDR
- Payy raised $6 million in a seed round led by FirstMark Capital
- The firm makes bid of zero-files proofs to enable interior most stablecoin payments
- Payy supplies a wallet and Visa card for USDC transactions globally
- The startup serves 100,000 users at some stage in 120 worldwide locations
- Payy plans a Layer 2 network with testnet originate expected next month
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Payy raised $6 million in a seed round led by FirstMark Capital. Robotic Ventures and DBA Crypto also joined the round. The funding closed in December through a SAFE settlement with token warrants.
The firm has now raised a total of $8 million. This comprises a $2 million pre-seed round below its old name, Polybase. The startup did now now not uncover its valuation.
Payy specializes in stablecoin payments with built-in privacy. It makes bid of zero-files abilities to provide protection to transaction files. This model targets to address transparency concerns on public blockchains.
CEO Sid Gandhi talked about privacy remains a key barrier for adoption. He notorious that public stablecoin transfers inform sensitive financial significant aspects. He added that many enterprises steer clear of blockchain payments attributable to this concern.
Shift from Polybase to stablecoin infrastructure
Payy started as Polybase, a web3 database project. The firm shifted direction in 2023 after reviewing its abilities bid. It noticed a stronger different in interior most payments.
The team tailored its zero-files tools for financial transactions. This commerce allowed Payy to focal level on stablecoin infrastructure. The aim is to fabricate payments extra right and good for companies.
The firm launched its wallet in January 2024. It later introduced a Visa card in August 2025. The cardboard permits users to employ USDC at any merchant that accepts Visa.
Payy also introduced its Layer 2 network fair now now not too lengthy ago. This network will bound on Ethereum and bid rollup abilities. This is in a position to perchance also hide sender, receiver, and transaction quantities by default.
Development plans and mission adoption approach
Payy experiences better than 100,000 users at some stage in 120 worldwide locations. It processes about $130 million in annualized transaction quantity. The firm earns earnings from charges and mission contracts.
The startup is now focusing on mission prospects. These consist of fintech companies and financial institutions. The aim is to beef up astronomical-scale stablecoin payments with privacy parts.
Gandhi talked a pair of number of partners are already attempting out the platform. He acknowledged that salvage partners are working on the upcoming testnet. These partners are exploring interior most fee bid conditions.
The testnet is anticipated to originate next month. A mainnet rollout is planned for the summer season. Payy also plans to introduce a native token, even supposing no timeline develop into once shared.
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Kelvin Munene is a crypto and finance journalist with over 5 years of trip in market diagnosis and expert commentary. He holds a Bachelor’s level in Journalism and Actuarial Science from Mount Kenya College and is identified for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in high publications alongside side Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto traits and handing over files-pushed analyses to serve readers manufacture suggested decisions. Originate air of labor, he enjoys chess, traveling, and exploring novel adventures.
