Zebec Protocol, a continuous settlement protocol based on the Solana blockchain, has raised $15 million in new financing round led by Solana Ventures and Distributed Global. According to a press release shared with iHodl, other investors, including Lightspeed Venture Partners, Circle, Coinbase and Alameda Research also participated.
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With the proceeds, the protocol plans to continue scaling the Zebec DeFi payment solution. Zebec Founder, Sam Thapaliya, noted that 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 have 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," Thapaliya added.
With the latest funding, Zebec already supports over 250 projects building a variety of businesses on its protocol. This is Zebec's second funding since last year, when the startup raised $6 million in a funding round co-led by Republic Capital. With the latest funding, the total amount of investments in Zebec grew up to $21 million.
Founded in 2021, Zebec opens the composable transfer of value starting with Stream Payroll. The automatic money streams made possible through the Zebec Protocol allow businesses, employees and consumers to reimagine how they are paid, how they invest and how they buy products or services.
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