Payy Visa Card Launches with Enhanced Privacy for Stablecoin Transactions
The Payy Visa card offers a solution for private stablecoin transactions using cryptographic proofs and a custom ledger, ensuring user confidentiality on blockchain. Key points include:
- Co-founder Sid Gandhi emphasizes the importance of confidentiality in financial systems, arguing that current on-chain services violate GDPR by making transactions publicly visible.
- Payy developed a proprietary layer two payments network, avoiding traditional EVM-based blockchains unsuitable for private payments.
- The card utilizes zero-knowledge proofs for authorization, allowing quick settlements with Visa while debiting from the user's wallet.
- Inspired by privacy networks like Zcash and Monero, Payy integrates compliance measures for AML alongside privacy features.
- Gandhi claims the card provides superior onboarding and user experience compared to existing crypto payment solutions.
- Polybase Labs has secured funding from various investors, signaling support for this privacy-focused banking alternative.
Payy aims to allow users to manage stablecoins privately without the visibility of blockchain transactions.