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Payy Raises $6 Million Seed Round After Pivot to Stablecoin Payments

Payy Raises $6 Million Seed Round After Pivot to Stablecoin Payments

Payy says it is building a zero-knowledge Layer 2 and wallet to make USDC payments private by default, extending its focus on enterprise stablecoin flows that avoid fully transparent chains.

USDC

Fact Check
The statement is fully corroborated by reports from The Block and crypto.news, which provide specific details about the funding amount ($6M), the lead investor (FirstMark Capital), the company's previous name (Polybase), and its technical focus on zero-knowledge Layer 2 infrastructure for private stablecoin transactions.
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Summary

Payy raised a $6 million seed round led by FirstMark Capital after pivoting from Polybase to stablecoin payments. The startup says it serves more than 100,000 users across 120 countries and processes about $130 million in annualized volume. New information states that Payy is building a zero-knowledge Layer 2 and wallet designed to make USDC payments private by default, with a focus on enterprise stablecoin flows that do not rely on fully transparent blockchains. Existing topic information states that Robot Ventures and DBA Crypto also participated, and that the SAFE deal with token warrants closed in December, bringing total funding to $8 million.

Terms & Concepts
  • USDC: A U.S. dollar-pegged stablecoin used for digital payments and transfers on blockchain networks.
  • Zero-knowledge Layer 2: A Layer 2 blockchain network that uses zero-knowledge proofs to improve scalability and, in some designs, support stronger transaction privacy.
  • Stablecoin: A cryptocurrency designed to maintain a stable value, typically by being pegged to a fiat currency such as the U.S. dollar.