What is Zebec Protocol? Zebec Protocol announced that it has completed its $6 million investment round co-led by Republic Capital and was launched on the Solana blockchain. The protocol enables real-time, continuous money flows for financial transactions such as payroll, funds transfers, stock purchases, and more.
Zebec Protocol debut product is Zebec Payroll, a tax-compliant on-chain processing system that allows employees to be paid by the second based on their pay rate in USDC or other stable coins. Employees may choose to withdraw all of their money, convert a portion of their salary into top cryptocurrencies automatically, allocate funds to compliant crypto IRA and 401k accounts.
What is Zebec Protocol? How does it work?
Zebec links with phantom wallets and transmits funds to recipients in real-time. The payer enters the recipient’s wallet address and then starts streaming the money. The funds are delivered to the stream wallet of the recipient, who can then withdraw them to convert them into real money. Zebec manages all of the cash entirely on-chain throughout the process. For reasonable costs, the Solana blockchain can process up to 50,000 transactions per second. A new cash stream on the protocol may be established in minutes for a Solana transaction, or “gas,” charge of a few cents, according to Zebec.
Zebec CEO Sam Thapaliya said in an interview that:
“What we are basically enabling is making money continuous. Imagine I send you $100 over 10 days, and you’re receiving money every single second. It makes money programmable. It makes money a continuous flow and enables completely new possibilities for how money can function in the world.”
Zebec Protocol Funding round
The funding round was led by Republic Capital, Shima Capital, and Breyer Capital, with backing from Resolute Ventures, Launchpad Capital, Backend Capital, Meltem Demirors, Gemini Frontier Funds, Infinity Ventures Crypto, Wave 7 Investments Hack VC, and Joe McCann.
Mr. Thapaliya revealed that half of the money will be invested in strengthening Zebec’s developers. The other half will be used to as quickly as possible get the product out with as many features as feasible.
Republic Capital co-founder and Managing Director Christian Sullivan said that:
“The growth of the digital economy has been hindered by a lack of tax-compliant, frictionless payment processing technologies. Zebec finally makes it easy for anyone to send and receive cash in real-time without intermediaries, delays, or risks of nonpayment,”
What’s next for Zebec Protocol?
Zebec’s immediate goals include getting the product to market, a private sale in December, and a public offering in February. The firm is also preparing for its SHIP 2021 hackathon, sponsored by the Solana Foundation and geared toward software developers and hackers.
Sam Thapaliya added:
“I lived through a couple of dictators, a couple of communist rulers. And the one thing that was not there for us was bank accounts. I hope to make [this product] global so that one day everyone in the world is able to get access to capital in real-time without middlemen withholding money and taking cuts,”