Solana Payroll Protocol Zebec Raises $28M in Token Sales

Circle and Coinbase were among the purchasers in the private portion of the sale.

AccessTimeIconMar 15, 2022 at 7:30 p.m. UTC
Updated May 11, 2023 at 7:15 p.m. UTC

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

The core Zebec payroll product allows workers to be paid by the second in USDC and other stablecoins.

  • Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
    00:58
    Candy Digital Co-Founder on Building the Rails for Future Digital Engagement
  • U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
    02:00
    U.S. House Fails to Overturn Biden’s Veto; Staked Ether Close to All-Time High
  • U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
    00:47
    U.S. Spot Bitcoin ETF Flows Drop in Q2: Kaiko
  • What's the Biggest Problem With Play-to-Earn Model?
    00:47
    What's the Biggest Problem With Play-to-Earn Model?
  • The $21 million private sale investors included Circle, Coinbase, Solana Ventures, Lightspeed Venture Partners and Alameda Research. The $7 million public sale in partnership with Republic was priced at the same $0.021 price per token as the public sale.

    “A public sale is not a capital-generating event,” Zebec founder Sam Thapaliya told CoinDesk in an interview, explaining the equal pricing. “Public sales should not be a way for private investors to have these unrealized gains. Rather, it should be more of a community-generating event. Crypto is all about being able to give access to the public, the same access that private investors are able to get.”

    The ZBC tokens were released instantly to buyers and available to trade on various exchanges. ZBC will serve as a governance token for the Zebec decentralized autonomous organization (DAO). Zebec also plans to introduce staking rewards for holders and incentives for developers building on the platform. Holders who stake ZBC will soon be able to list the tokens on a Solana-based Zebec debit card.

    “[The token sale] allows us to give some form of governance to the community. It means, all of a sudden, you have hundreds of people who are actually going to be able to have a say in how the protocol performs. It means now you have people with vested interest,” Thapaliya said.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.