Solana-based Zebec DeFi protocol raises $15 million

The Zebec real-time settlement protocol team on Solana closed a Series A funding round of $15 million. It was led by Solana Ventures and Distributed Global.

🔥 FUNDRAISING ANNOUNCEMENT 🔥
👉Zebec raises $15M from top investors in private round!!! 🏁 https://t.co/rT4Dlz6R43

— Zebec Protocol ⛵ (@Zebec_HQ) February 22, 2022

The firm was also backed by Coinbase Ventures, Alameda Research, Circle, and Lightspeed.

The funds will be used to further scale the protocol. Its aim is to simplify sending and receiving payments on an ongoing basis.

In November 2021 the firm raised $6 million following a pre-seed round and launched Zebec Payroll, an application for payroll that complies with regulatory requirements.

Zebec Payroll allows employees to automatically convert part of their earnings into digital currencies, allocate funds to crypto pension programs, invest in DeFi protocols, and withdraw in fiat to bank accounts without fees.

Based on Zebec, dapps can be deployed in investments, subscription services, rewards and other areas where automatic and inexpensive cash flow with instant access to funds is required.

“Despite all the promises of DeFi and Web 3.0, most organizations still rely on Web-2 payments or, at best, on one-off transfers from a wallet. […] We believe Zebec will be the future model for network payments”, — said the startup’s founder Sam Tapalia.

Earlier in February, Solana Labs launched the Solana Pay protocol, which allows online merchants to accept cryptocurrency payments directly from consumers.

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