Zebec, a continuous and programmable cash stream protocol on Solana, today announced it has received $15 million in financing. Funds raised will be used to continue scaling its Zebec DeFi payment solution.
The round was led by Solana Ventures and Distributed Global. Funding also included Lightspeed Venture Partners, Circle, Coinbase, Alameda, OKX Blockdream Ventures, DST Global Partners, Road Ventures, Global Founders Capital, BECO Capital, Greenoaks, GoldenTree Asset Management, and 500 Startups.
Zebec’s programmable and continuous money stream protocol makes it simple for anyone to send and receive cash up to the second for investments, payments, subscriptions, and more.
As Zebec’s initial application, Zebec Pay is a tax compliant, on-chain payroll processing system enabling employees to be paid by the second — in USDC or other stablecoins — and immediately use their money. As a DeFi native model that offers the best payment solution for DAOs, crypto projects, Web3, and the metaverse, Zebec is built on Solana for ultimate scalability, speed, and low transaction fees.
Unlike traditional financial settlement systems that move money on a one-time basis and require intermediaries who charge fees and take multiple days to process transactions, Zebec’s streams can be started instantly and programmed as the user wishes.
“Despite all of the promise of DeFi 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.”
– Sam Thapaliya, Founder of Zebec
Just months after launching, there are already more than 250 projects building a variety of businesses on the Zebec protocol. Developers can start developing on top of the Zebec Payroll by importing the JS SDK.
The post Zebec raises $15M to push development of its Solana-built money stream protocol appeared first on CryptoNinjas.