Money Streaming Protocol Zebec Raises An Additional $8.5M

2022/08/26 23:05

The Solana-Based Protocol Allows Employees To Be Paid In USDC Or Other Stablecoins By The Second

Zebec, the first programmable cash flow protocol on the Solana network, has raised $8.5M USD at a fully diluted valuation of $1 Billion. The investors include Circle Ventures, Shima, and Resolute. Earlier this year, the protocol successfully raised $28M USD through its token sale from private and public investors.

The Zebec Token sale yielded $21 million from private sales and $7 million from public sales. Some of the most notable private investors from the token sale round include Solana, Coinbase, Circle, and Lightspeed Venture Partners.

The revenue of Zebec is forecasted to reach $20M by the end of 2022 with a $6M net profit. Earlier this year, Zebec partnered with Visa, joining their Fintech Fast Track Program. This partnership is one of the key reasons behind the protocol’s promising growth rate. It is the first Solana project to be admitted to the Visa program. Soon, Zebec will launch custom debit cards, allowing users to seamlessly convert their real-time liquidity to FIAT currency. The Zebec user base is expected to reach 2 million by 2024. The Solana-powered protocol also plans to start a stablecoin once the revenue reaches $1 trillion USD.

About Zebec

Launched in November 2021 by Sam Thapaliya, Zebec is backed by several major ventures within the crypto economy, including Solana, Distributed Global, Coinbase Ventures, Circle, Lightspeed, and Gemini. The protocol has raised over $28 million in funding so far, including a $15 million venture round earlier this year. Zebec is set to launch metal debit cards in partnership with Visa.

Zebec protocol has a diverse and vibrant community on social media platforms. This includes close to 13,000 developers on Discord, with whom you can connect to contribute to the rise of the protocol.

Circle Ventures

Circle Ventures is a global fintech firm that partners with early-stage crypto startups and supports them with financial capital, team, and resources. They nurture an ecosystem of founders and investors dedicated to designing the next iteration of the internet. Circle Ventures has pioneered remarkable projects like USDC, Euro Coin, and Circle Yield.