Reimagining Payroll, Investments, Subscription Payments, Rewards & More With Up-to-the-Second, Frictionless & Low-Fee Money Streams
Zebec Payroll is First Tax Compliant, On-Chain Payroll Processing System
Innovative Payments Company Raises $6 Million in New Funding to Provide Businesses, Employees, Consumers & Investors with Freedom to Access Their Money Instantly
SAN FRANCISCO, November 10, 2021–(BUSINESS WIRE)–Zebec Protocol launches today on Solana mainnet to redefine finance. As the first programmable cash flow protocol on Solana, Zebec enables real-time and continuous streams of payments and financial transactions for payroll, investments and more.
The automatic money streams made possible through the Zebec Protocol allow businesses, employees and consumers to completely reimagine how they are paid, how they invest and how they buy products or services. Unlike traditional financial settlement systems that move money on a one-time basis and require intermediaries who charge fees and take multiple days to process, Zebec’s unique protocol allows money to be sent up-to-the-second in a continuous and instantaneous stream.
Zebec provides people with the freedom to access and use their paycheck right away without having to rely on middlemen institutions who currently profit by delaying transactions and are expected to earn around $430 million in interest next year just on the money they hold on their balance sheets while settlements are being processed. Zebec moves money completely on-chain without intermediaries, delays or risks of non-payment.
Zebec Protocol’s first application, a low-fee, payroll solution called Zebec Payroll enables employees to be paid by the second — in USDC or other stablecoins — and immediately use their money. As the first tax compliant, on-chain payroll processing system, Zebec Payroll enables real-time and continuous streams of financial transactions for payments, investments and more.
Through Zebec Payroll employees will also have access to superior crypto-native financial services including:
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Automated Dollar Cost Averaging: Zebec is the only real-time, by-the-second dollar cost averaging investing mechanism available anywhere. Users can automatically convert a percentage of their paycheck into top cryptocurrencies.
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Investments & Yield-Farming: Employees also have complete control over how they use their money with easy to program smart contracts that allow them to automatically invest in crypto or DeFi applications to earn yield.
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Crypto IRA & 401k Accounts: Employees can easily allocate a portion of their paycheck to compliant crypto IRA & 401k accounts.
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Free Fiat On-Ramp & Off-Ramp: Users can swap their cryptocurrencies into USD and transfer their money to their regular bank accounts without paying a fee.
“Growing up under a dictatorship in Nepal, I witnessed first-hand the oppression of not having freedom over how to invest, save, and spend your money,” said Sam Thapaliya, founder and CEO, Zebec. “The mission of Zebec is to give anyone, anywhere complete autonomy over their money. Zebec is the payments solution that will power the Web3 digital economy and give anyone power over their money that has never before been possible.”
Zebec Protocol is also announcing $6 million in new financing led by Republic Capital, Shima Capital and Breyer Capital with participation from Resolute Ventures, Launchpad Capital, Backend Capital, Meltem Demirors, Gemini Frontier Fund, Infinity Ventures Crypto, Wave 7, Cadenza Ventures, Hack VC and Joe McCann.
“We’re proud to lead this round and invest in Zebec’s transformative cash stream technology,” said Christian Sullivan, Co-Founder and Managing Director, Republic Capital. “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 non payment. And this is just the start of what Zebec is capable of. With plans to enable cross chain stream, we are excited for what else is in store.”
“DeFi lacks TradFi volumes — Zebec is on its way to solving this problem by porting the massive traditional world transactional volumes on-chain via its innovative streaming protocol, starting with payroll,” said Yida Gao, General Partner, Sima Capital. “We are honored to co-lead this round to back Sam and his team on bringing the next 100M users into Web3.”
“Zebec aspires to transform payroll by allowing employers to pay employees every second,” said Jim Breyer, founder, and CEO of Breyer Capital. “The potential applications of this web3 technology are exciting. We applaud the team on the launch and look forward to Zebec’s continued growth and success.”
Zebec Protocol is launching on Solana, the fastest and most-scalable blockchain that can power up to 50,000 transactions per second for massively lower fees compared to the Ethereum blockchain. A new cash stream on Zebec Protocol can be established in minutes through the company’s easy-to-use application for only one Solana gas fee of a fraction of one cent.
About Zebec Protocol
Zebec Protocol is the first programmable cash flow protocol on Solana, enabling real-time and continuous streams of payments and financial transactions for payroll, investments and more. The automatic money streams made possible through the Zebec Protocol allow businesses, employees and consumers to completely reimagine how they are paid, how they invest and how they buy products or services. To learn more, visit Zebec.io.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211110005872/en/
Contacts
Media:
John Eddy
zebec@goldin.com
