Three years in creation, the Payy Visa card hides the stablecoin transactions with intelligent cryptographic tests and a larger book built, avoiding the situation in which the expense on the non -alcustial card can be searched and tracked in public blockchains.
The former Apple IOS engineer, Sid Gandhi, co -founder of the team that built the Payy card, believes that it is irresponsible, unusual, even an illegal limit, taking into consideration the General Data Protection Regulation (GDPR), to offer users chain financial services where each transaction and balance is publicly visible in the block chain forever.
“Or I am crazy or everyone else is crazy, because you cannot build a financial system without the central pillar of confidentiality,” said Polybase Labs CEO, Gandhi, in an interview.
“We spent two years building a two -layer payments network from zero. We do not use EVM [Ethereum Virtual Machine-compatible blockchain] Or something like that, because they cannot be used for private payments, ”he added.
In the same way that people’s online activity is tracked and exploited, a “terrifying future” is advanced where it is possible to start relating IP addresses with blockchain wallets, which means that the activity in the chain can be match with emails, Instagram or Facebook profiles, according to Gandhi.
Under the hood, Payy uses zero knowledge tests (ZKPS) to allow authorization when touching the card; A Payy Network Blockchain transaction debits the user’s wallet amount to quickly settle with visa.
Payy’s team was inspired by privacy networks such as Zash, Monero and Aztec, Gandhi said. But unlike these previous privacy chains, Payy focused from the beginning making private transactions of Stablecoin in a regulatory way, avoiding obstacles that would hinder the acceptance and absorption of the user.
“All other existing privacy technologies do not have this idea of compliance,” Gandhi said. “We have been thinking about compliance and privacy for a long time, and we realized that you must continue doing the existing AML [anti-money laundering] and compliance operations, even if you have a privacy network. “
In addition to solving privacy, Gandhi states that his card has the easiest experience to incorporate and user of any supply of wallet payments and cryptography in the market.
“I have tried everything. Even my sophisticated friends who are not crypto can never use any of these solutions. I can say that with confidence. Our philosophy is that the product must be usable by anyone and all. Every iteration of a chain bank during the last 10 years we have seen is not usable.” said.
To date, Payy Builder Polybase Labs has raised Robot Ventures funds, DBA Crypto, 6th Man Ventures, Orange Dao, Protocol Labs and others.
“Payy finally created a real alternative to consumer banking,” Robot Ventures Robert Leshner said in a statement. “Now you can save and spend stable in private without knowing that they are in a block chain. And simply works.”
