In a move poised to shake up the crypto landscape, former Apple iOS engineer Sid Gandhi has unveiled the Payy Visa card—a groundbreaking tool designed to cloak stablecoin transactions under a veil of cryptographic mystery. Developed over three years, this card sidesteps the glaring transparency of public blockchains, offering a tantalizing glimpse into a future where financial privacy is no longer a luxury but a standard.
A New Dawn for Crypto Privacy
The brainchild of Polybase Labs, the Payy Visa card leverages zero-knowledge proofs (ZKPs) to facilitate secure, private transactions. Gandhi, co-founder of the team behind this innovation, believes the current state of on-chain financial services—where every transaction is an open book—is not only irresponsible but potentially illegal, especially when viewed through the lens of the General Data Protection Regulation (GDPR).
“Either I’m crazy or everyone else is crazy,” Gandhi said in a recent interview. “You just can’t build a financial system without the core pillar of confidentiality.” His words echo a growing sentiment among crypto enthusiasts wary of a future where blockchain activity becomes a tool for surveillance, linking IP addresses to wallets and, by extension, to personal data on platforms like Facebook and Instagram.
Bridging Privacy and Compliance
Unlike its predecessors—privacy-centric blockchains such as Zcash, Monero, and Aztec—Payy is engineered with compliance in mind from the outset. “All the other existing privacy technologies don’t have this idea of compliance baked in,” Gandhi explained. “We’ve been thinking about compliance and privacy for a very long time, and realized that you have to continue doing the existing AML [anti-money laundering] and compliance operations, even if you have a privacy network.” This approach aligns with recent innovations in the crypto space, such as Coinbase’s debut of an ‘Embedded’ Crypto Wallet, which focuses on integrating stablecoins while maintaining regulatory compliance.
It’s a delicate balance to strike, but one that Payy seems to manage adeptly. The card’s underlying technology allows for private stablecoin transactions while adhering to regulatory standards, potentially paving the way for broader acceptance and user adoption.
Usability: A Key Focus
Gandhi doesn’t mince words when it comes to user experience, claiming that Payy offers the simplest onboarding process in the crypto world. “I have tried everything. Even my sophisticated non-crypto friends will never be able to use any of these solutions. I can say that confidently,” he stated. By making the product accessible to everyone, Polybase Labs aims to remove the barriers that have traditionally hindered the integration of crypto into everyday financial practices. This focus on usability is reminiscent of Alchemy’s latest upgrade, which aims to speed up stablecoin transactions, further enhancing the user experience in the crypto ecosystem.
Backing their ambitious endeavor are notable investors such as Robot Ventures, DBA Crypto, 6th Man Ventures, Orange DAO, and Protocol Labs. Robot Ventures partner Robert Leshner described Payy as a “real alternative to consumer banking,” a sentiment that underscores the card’s potential to revolutionize how we perceive and interact with digital currencies.
What Lies Ahead?
The introduction of the Payy Visa card raises intriguing questions about the future of cryptocurrency transactions. Can privacy and compliance coexist harmoniously? Will other players in the crypto space follow suit, or will Payy remain a unique offering amid a sea of transparent blockchains?
As the cryptocurrency market continues to evolve, the Payy Visa card stands as a testament to the possibilities that emerge when technology, privacy, and compliance intersect. The journey is just beginning, and only time will tell if this innovation will reshape the financial landscape or merely serve as a stepping stone toward greater advancements.
In an era where data privacy is increasingly under scrutiny, Payy’s approach offers a fresh perspective—one where the power of cryptography is harnessed not just for security, but for the fundamental right to privacy in digital transactions.
Source
This article is based on: Ex-Apple Engineer Unveils Privacy-Focused Crypto Visa Card
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
