Zebec From Solana Manages to Raise $15 Million Through Venture Investments
Zebec, a web3 payment protocol, has managed to accumulate a staggering $15 million in the recent round of fundraisers led by Solana Ventures. The new and successful round on Solana has turned the eyes of investors towards this lucrative blockchain. However, this is not the only venture of Solana. Earlier this week, the crypto project helped the NFT platform ChilChat to raise $ 1.5 million. Evidently, Solana is trying to build a versatile outlook for the future with investments ranging from payment protocols to NFT platforms.
Zebec is a payment stream protocol that intends to move the payment environment of the existing blockchains and dApps from web2 to web3. The revolutionary mechanism is trying to make money programmable. According to CEO Sam Thapaliya, we can unlock new possibilities by making money flow continuously rather than letting it stay stagnant in storage. This flow of money is achieved through a money streaming protocol. Zebec’s vision also corresponds with Solana Pay’s idea to move money like data.
This protocol was launched on Solana last November after the first round of fundraising that raised nearly $6 million. Prominent names in the investment sector like Berger Capital, Republic Capital, and Shima Capital have shown great interest in the budding project then. The money streaming protocol was announced to help with payments ranging from purchases to investments. Zebec’s first-ever payroll app enabled the user to receive their payment every second based on their rate of income. It helps them withdraw their earnings anytime between and convert them without having to wait for the month’s end. The app allowed the reception of pay in stablecoins like USDC and USDT.
After the positive reception for the money-streaming protocol, it moved onto another round of fundraising. This round was co-led by the blockchain’s very own Solana Ventures and Distributed Capital. Apart from them, other names like Coinbase Ventures, Alameda Ventures, Circle, Lightspeed Ventures Partners have also chipped in to take the number to $15 million. As per the reports from Zebec, the newly raised funds will be used to improve the scalability of the project to withstand future demands for the project.
It is believed that the next step in the payment evolution would be to receive payments in real-time as per the income rate. Earlier, Republic Capital co-founder Christian Sullivan said that this new development would eradicate the existing problems like delays and non-payment. With tax compliance, the new system would be a viable alternative for the existing payment system. Founder Sam Thapaliya believes that the current projects are not entirely web3 despite the attractive promises, and Zebec was created to address this fundamental question. Solana Ventures’ interest in this up-and-coming project could imply the on-chain adoption of this money streaming protocol soon in the future.
