The funding round was led by Solana Ventures and Distributed Global. Other participants in the funding round include Lightspeed Venture Partners, Circle Ventures, Coinbase Ventures, Alameda Research, DST Global partners, Road Ventures, Global Founders Capital, BECO Capital, Greenoaks, GoldenTree, Asset Management, and 500 Startups.
"We believe Zebec is well-positioned to become a core primitive for a multitude of streaming money and payment applications," said Johnny Steindorff, managing partner at Distributed Global. The capital raise comes just three months after the platform's launch and seed round, bringing the total funding to $21 million.
What is Zebec?
Zebec allows its users to stream payments. Something that was previously limited by our banking system because transactions were subject to fees and lumped together. This innovative way of processing payments opens up new possibilities. For example, authors can charge their readers by the page, and artists get paid instantly for every stream of their songs, but it's not just beneficial for creators.The ability to receive USDC by the second can also benefit hourly workers. The Protocol also offers workers the ability to cash out all of their money, automatically convert a portion of their pay check into major cryptocurrencies, or transfer funds to a compliant crypto IRA and 401k account. Since the protocol is built on Solana, transactions take only a few seconds, and the fees for a transaction are only a fraction of a cent.
What we can expect in 2022
Sam Thapaliya, the founder of Zebec, was born during the civil war in Nepal and grew up without bank accounts. He hopes that with Zebec, he can help create a world where everyone has real-time access to capital. His efforts have not gone unnoticed, as Zebec recently became Solana's first project to be accepted into Visa's prestigious FinTech Fast Track program, which supports innovative start-ups that are revolutionizing digital payments.Thapaliya told Cryptonary that Zebec will use the funding to hire employees and create an ecosystem to help companies build on Zebec. More than 250 projects are already building various businesses on the Zebec protocol, but Thapaliya hopes to have doubled that number by the end of the year.
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