The multi-signature treasury management and settlement startup Zebec has revealed the company has raised $15 million in order to bolster a continuous and programmable cash stream protocol on the Solana blockchain. Zebec says the company aims to be the “payment solution for DAOs, crypto projects, Web3 and the metaverse.”
Zebec Raises $15 Million to Bolster 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 details that the startup crafted a tax compliant, on-chain payroll system that enables real-time settlement for anyone leveraging the protocol.
According to the press announcement, investors that injected capital into Zebec include Lightspeed Venture Partners, Circle, Coinbase, and Alameda Research. 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.
Presently, as far as payments are concerned, Sam Thapaliya the founder of Zebec believes most projects are still 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.
The on-chain payment system will allow employees to be paid in real-time via stablecoins like 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.
Jeremy Fox-Geen, the CFO of Circle said the application can be transformative to employees that want to be paid in digital assets. “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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