Solana-based programmable cash stream protocol Zebec raises $15 million

Crypto settlement startup Zebec announced Tuesday that it raised $15 million in a Series A funding round.

Zebec, which developed a Solana-based protocol for continuous, real-time settlement of financial transactions, raised the funds in a round led by Solana Ventures and Distributed Global. Other participants in the round included Alameda Research, Circle, Coinbase Ventures, Lightspeed Venture Partners and DST Global Partners, among others. 

The new funding will be used to continue scaling Zebec's protocol, according to a statement from the company.

The idea behind the Zebec protocol is to make it easier for users to send and receive payments on an ongoing basis. Zebec launched last November on the Solana mainnet, buoyed by a $6 million funding round, along with a payroll-focused app. That round was led by Breyer Capital, Republic Capital and Shima Capital.

“Despite all of the promise of decentralized finance and Web3, most organizations are still relying on Web2-style payments or, at best, one time wallet transfers,” said Sam Thapaliya, founder of Zebec, said in a statement Tuesday. “We’ve built a DeFi native solution for instant, seamless and continuous money streams and we think Zebec will be the future model for on-chain payments.”