Crypto: Crypto Wallet Provider Payy Launches Ethereum L2 With Built-in...
Payy said it has signed undisclosed launch partners among stablecoin issuers, which it plans to name in the coming weeks.
The network is compatible with any Ethereum Virtual Machine (EVM) wallet, and the project’s website indicates that the layer-2 is primarily geared toward enabling private stablecoin transfers on its network, despite also supporting all ERC-20 tokens.
Following the announcement, Payy CEO Sid Gandhi also shared more details on X, noting that Payy is working to help large traditional finance institutions feel more comfortable moving capital onchain.
“Nearly every bank, fintech, and enterprise is telling us the same thing: They cannot move real capital flows onchain if their financial data is exposed to the world,” he said.
Payy explained that the layer 2 hosts private ERC-20 pools that users' transactions are automatically routed through when using wallets like MetaMask. This enables users to move funds from their normal wallets without publicly exposing transaction counterparties on the Payy Network.
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When interacting with decentralized finance apps and smart contracts, funds are withdrawn from the private pools to a new address.
The goal of Kohaku is to reduce reliance on centralized parties that track transactions, while also including features such as private sending and receiving.
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Source: CoinTelegraph
