Zebec protocol secures $15 million in latest funding round co-led by Solana Ventures and Distributed Global.
What Zebec Protocol Does?
In November, Zebec Protocol launched on the Solana blockchain and with a seed funding of $6 million led by Republic Capital, Shima Capital and Breyer Capital. The protocol enables real-time, continuous money streams for financial transactions including payroll, payments, investments and purchases.
Within months after the launch, there are currently over 250 projects using the Zebec protocol to build a range of businesses.
Solana Ventures and Distributed Global Lead New Financing For Zebec protocol
Zebec announced that the new funding round was led by Solana Ventures and Distributed Global alongwith participation from 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 crypto startup will use the new funding to continue scaling the Zebec DeFi payments solution.
Sam Thapaliya, founder of Zebec, commented on the latest funding:
“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. “We’ve built a DeFi native solution for instant, seamless and continuous money streams and we think Zebec will be the future model for on-chain payments.”
“We are incredibly excited to support the Zebec team and community as they build a foundational payment streaming layer on Solana that unlocks a variety of use cases,” said Matthew Beck, Partner, Solana Ventures.
Johnny Steindorff, Managing Partner at the lead investor Distributed Global, commented:
“We believe Zebec is well positioned to become a core primitive for a multitude of streaming money and payment applications.”
Jeremy Fox-Geen, Circle CFO, pointed applications like Zebec Pay and the ability to be paid in USDC by the second will be a game-changer for hourly workers and an attractive perk for an increasingly tech savvy workforce. “We look forward to more exciting payment products that Zebec can bring to the growing digital economy,” said Jeremy.
According to Joe McCann, Asymmetric, as more and more web3 protocols, projects and companies come online, treasury management quickly becomes a key obstacle for founders to overcome.
Joe mentioned that Zebec is providing the market with a much needed solution with their multi-signature wallet and treasury management offering. Coupled with their money streaming protocol, Zebec is quickly building the suite of treasury management, payroll and payments products and services that nearly every web3 company will need. “It’s no surprise VCs, DAOs and startups have already adopted Zebec as their core partner,” states Joe.
Visa Enlists Zebec Protocol to its Fintech Fast Track Program
In January, Zebec joined the Visa Fintech Fast Track Program. Zebec is the first Solana project accepted to the exclusive Visa program, which supports innovative startups revolutionizing digital payments. Stripe, Chime, and Crypto.com are among the prominent fintech startups that have participated in the programme.
Zebec Protocol has raised a total of $21 million in funding over 2 rounds.