Crypto: Crypto Wallet Provider Payy Launches Privacy-focused Ethereum L2

In an announcement via X on Wednesday, Payy said users can now integrate the network into their MetaMask accounts, and that all ERC-20 transfers made on it are automatically made private with “no smart contract changes required.”

“Some of the largest stablecoin players are day 1 launch partners on Payy Network. We’ll be announcing them in the coming weeks,” Payy said.

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 “making stablecoins private,” 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.

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When interacting with decentralized finance apps and smart contracts, funds are withdrawn from the private pools to a new address.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