Privacy stablecoin developer Payy raises $6M in seed funding

Payy, a developer of Zero-Knowledge (ZK) proof-based privacy stablecoins, has raised $6 million in a seed funding round led by FirstMark Capital, The Block reported. The round, which also saw participation from Robot Ventures and DBA Crypto, brings Payy's total funding to $8 million. The company is developing its own Ethereum Layer 2 network, the Payy network, which will allow institutions to transact without exposing sensitive financial information such as transaction histories, balances, and positions. Payy currently offers a non-custodial wallet and credit card services. The Payy network testnet is scheduled to launch next month, with a mainnet launch targeted for this summer. The new capital will be used to expand the team and attract institutional clients.