Payy Secures $6M to Develop Confidential Institutional Blockchain Network

Payy, a developer specializing in Zero-Knowledge (ZK) proof-based privacy stablecoins, has successfully raised $6 million in a seed funding round led by FirstMark Capital. The investment will primarily fund team expansion and initiatives to attract institutional clients.

The company's core mission addresses the lack of transactional privacy for enterprises on public blockchains like Ethereum. Every transaction on such networks is visible, exposing sensitive details that create operational risks and competitive disadvantages for institutions.

Payy's technological foundation rests on ZK proofs, a cryptographic method that allows one party to prove to another that a statement is true without revealing any information beyond the validity of the statement itself. This approach differs from mixing services or privacy coins by integrating privacy at the protocol level for stable assets.