Payroll Protocol in Solana Token Sales Raise $28 Million for Zebec

In the private stage of the sale, Circle and Coinbase were among the buyers.

Can launch its ZBC token, Zebec Protocol, a platform based on the Solana blockchains that allows users to send and receive payments, raised $28 million through public and private sales.

Workers can be paid by the second in USDC and other stablecoins using the main Zebec payroll solution.

Circle, Coinbase, Solana Ventures, Lightspeed Venture Partners, and Alameda Research were among the $21 million private sale investors. The public sale, which raised $7 million in conjunction with Republic, was priced at $0.021 per token, the same as the public sale.

In an interview, Zebec founder Sam Thapaliya explained the equal pricing by saying, “A public auction is not a capital-generating event.” “Private investors should not be able to obtain these unrealised gains through public sales.” It should instead be more of a community-building event. It’s all about being able to provide public access to the same information that private investors have.”

The ZBC tokens were instantly available to buyers and could be traded on a variety of platforms. The Zebec decentralised autonomous organisation will use ZBC as a governance token (DAO). Holders will receive staking benefits, as well as incentives for developers that build on the platform, according to Zebec. ZBC holders will soon be able to list their tokens on a Zebec debit card headquartered in Solana.

“[The token sale] allows us to provide the community some type of governance.” It means that suddenly, hundreds of people will be able to have a say in how the protocol works. “Now you have people who have a vested interest,” Thapaliya explained.

How does it work?

Payers use Phantom Wallet to connect with Zebec, then enter the recipient’s wallet address and begin streaming funds. The monies are received in the recipient’s stream wallet, from which they can withdraw the sum and convert it to real-world cash. Zebec manages the money entirely on-chain throughout the process.

For relatively modest fees, the Solana blockchain can power up to 50,000 transactions per second. According to Zebec, a new income stream on the protocol may be formed in minutes for a fraction of a cent in Solana transaction, or “gas” fees.

In an interview, Zebec CEO Sam Thapaliya said, “What we’re basically facilitating is making money continuously.” “Imagine I send you $100 over the course of ten days, and you get money every second. It allows money to be programmed. It creates a constant flow of money and opens up entirely new ways for money to work in the world.”

Round of funding

Resolute Ventures, Launchpad Capital, Backend Capital, Meltem Demirors, Gemini Frontier Fund, Infinity Ventures Crypto, Wave 7, Cadenza Ventures, Hack VC, and Joe McCann were among the investors in the round, which was led by Republic Capital, Shima Capital, and Breyer Capital. According to Thapaliya, half of the funds would be used to expand Zebec’s developer ecosystem. The remainder will aid in getting the product to market as quickly as feasible, with as many features as possible.

“A lack of tax-compliant, frictionless payment processing systems has hampered the growth of the digital economy.” In a news statement, Republic Capital co-founder and Managing Director Christian Sullivan stated, “Zebec now makes it possible for anyone to transfer and receive cash in real time without intermediaries, delays, or danger of nonpayment.”

What comes next?

According to Thapaliya, Zebec’s short-term ambitions include getting the product out, a private sale in December, and a public sale in February. The company is also preparing for the Solana Foundation-sponsored SHIP 2021 hackathon, which invites developers and hackers to create products based on the protocol.

Zebec’s ultimate goal is to go global. Thapaliya was born during Nepal’s civil war and never had access to a bank account.

“I’ve lived under a couple of tyrants and communist rulers. And the one thing we didn’t have was bank accounts,” Thapaliya explained.

“I hope to make [this product] global so that one day everyone in the globe may obtain real-time access to capital without middlemen hoarding money and collecting cuts,” he continued.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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