Payy Stablecoin Startup Raises $6 Million in Seed Funding

Payy, a stablecoin startup, has secured $6 million in seed funding from investors. Led by FirstMark Capital, the round also saw participation from Robot Ventures and DBA Crypto. The funding agreement was structured as a Simple Agreement for Future Equity (SAFE) with token warrants.

The financing brings Payy's total cumulative funding to $8 million. A SAFE agreement is a type of investment vehicle that allows investors to participate in future equity rounds without immediately receiving shares. Token warrants, on the other hand, give investors the option to purchase additional tokens at a predetermined price.