Three years in the making, the Payy Visa card hides stablecoin transactions using clever cryptographic proofs and a custom-built ledger, avoiding the situation where non-custodial card spending can be looked up and traced on public blockchains.
Former Apple iOS engineer Sid Gandhi, co-founder of the team that built the Payy card, thinks it’s irresponsible, unethical, even borderline illegal – taking General Data Protection Regulation (GDPR) into consideration – to offer users on-chain financial services where every single transaction and balance is publicly visible on the blockchain forever.
“Either I’m crazy or everyone else is crazy, because you just can’t build a financial system without the core pillar of confidentiality,” Polybase Labs CEO Gandhi said in an interview.
“We spent two years building a layer two payments network from scratch. We didn’t use EVM [Ethereum Virtual Machine-compatible blockchain] or anything like that, because they’re not usable for private pa
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