The latest round of financing will allow the Solana-based cash stream protocol to continue scaling its DeFi payment solution.
Solana Ventures Backs Up Solana-Based Cash Stream
The latest funding round by the programmable cash stream protocol has raked in $15 million and was led by Solana Ventures and Distributed Global.
Matthew Beck, a partner at Solana Ventures, spoke on the investment,
“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.”
According to Johhny Steindorff, Managing Partner at Distributed Global, Zebec has the potential to become indispensable for many streaming money and payment applications.
Spearheading The Evolution Of Money
Zebec has developed a programmable money stream protocol that allows users to send and receive cash till the last second for investments, payments, subscriptions, and more. The protocol has also devised its own unique app, Zebec Pay, which allows employees to receive usable funds in USDC or other stablecoins as soon as they are paid. It is also the first tax compliant, on-chain payroll processing system to do so. It stands out from traditional payment systems that can only send payments on a one-time basis, take too long to process transactions, and are too dependent on intermediaries who charge fees. On the other hand, this protocol counters all those pitfalls with easily programmable streams that can be started instantly. Additionally, being built on Solana allows the protocol to continue enhancing scalability and speed while keeping transaction costs low. So that is where the funds will reportedly be directed towards.
Zebec founder Sam Thapaliya stated,
“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.”
Investors Flock To Zebec
Other investors who participated in the round were 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 others.
Commenting on Circle’s participation in the funding round, CFO Jeremy Fox-Geen said
“Circle Ventures is delighted to be supporting Zebec in their push for broader crypto payment use cases. 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.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.