Zebec, a multisignature settlement and Treasury management startup has disclosed that it has raised $15 Million to support a Solana-based cash stream protocol. Zebec says the company aims to be the “payment solution for DAOs, crypto projects, Web3 and the metaverse.”
Zebec Raised $15 Million for Real-Time Settlement in Defi, Web3, Metaverse
On Tuesday, Zebec the startup behind the “continuous and programmable cash stream protocol” built using the Solana network revealed the company raised $15 million from investors. Zebec describes how the startup created an on-chain, tax compliant payroll system to allow real-time settlement for any person leveraging it.
Alameda Research and Circle were the only investors to inject capital into Zebec according to the press statement. Furthermore, OKX Blockdream Ventures, DST Global Partners, Road Ventures, Global Founders Capital, BECO Capital, Greenoaks, and GoldenTree Asset Management also participated in Zebec’s financing round.
Sam Thapaliya (founder of Zebec) believes that many projects continue to use Web2-style payment 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.
Employees will be able to get paid instantly via on-chain using stablecoins, such as USDC. The defi model Zebec Pay “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,” Zebec’s announcement adds.
Circle CFO Jeremy Fox Geen stated that this application is transformative for workers who are interested in being paid digitally. “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,” the Circle CFO remarked.
Zebec says the new capital will be utilized to scale Zebec to provide “instant [and] continuous money streams on Solana.” The startup claims that currently there are over 250 projects building on the Zebec protocol.
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