Crypto Settlement startup Zebec raised $15 Million financing round led by Solana Ventures
Recently, programmable cash startup Zebec disclosed that the company has raised $15 million from investors. Solana Ventures and Distributed Global were leading the new Zebec financing round. Zebec is the startup that created a continuous and programmable cash stream protocol that uses the Solana network.
As per the press announcement, other members who participated in the round and injected capital into Zebec includes Lightspeed Venture Partners, Circle, Coinbase, Alameda Research, OKX Blockdream Ventures, DST Global Partners, Road Ventures, Global Founders Capital, BECO Capital, Greenoaks, GoldenTree Asset Management, and 500 Startups.
The new funding will be utilized for Zebec DeFi's payment scaling solution allowing to provide money streams on Solana that will be instant and continuous. As per Zebec, the company’s Defi model Zebec Pay will be the best payment solution for DAOs, crypto projects, Web3, and the metaverse. Hence, Zebec is built on Solana for ultimate scalability, speed, and low transaction fees.
Zebec describes how the startup created Zebec Pay, Zebec’s initial application, which is the first tax-compliant, on-chain payroll system that enables real-time payment settlement in USDC or other stablecoins among all participants by the second. On-chain payment system makes it possible to pay the employees in real-time through stablecoins like USDC which they can use immediately. According to Jeremy Fox-Geen, the CFO of Circle said applications like Zebec Pay can be transformative to employees that want to be paid in digital assets. The ability that employees will be paid in USDC will be an attractive perk for an increasingly tech-savvy workforce. This unique programmable and continuous money stream protocol created by Zebec makes it easy for anyone to send and receive cash up to the second for investments, payments, subscriptions, and many more. With Zebec's streams, transactions can be started immediately and programmed as the user wishes, compared to traditional financial settlement systems which move on a one-time basis and require intermediaries charging fees and processing transactions taking days to complete.
Regarding payment, Sam Thapaliya the founder of Zebec highlighted that the majority of projects are leveraging Web2-style schemes. “Despite all of the promise of decentralized finance and Web3, most organizations are still relying on Web2-style payments or, at best, one-time wallet transfers,” Thapaliya said.
After launching within a few months, more than 250 projects were building a variety of businesses on the Zebec protocol
CBW - External Analyst