On August 27, Zebec, the first programmable cash flow protocol on the Solana network, raised $8.5 million at a fully diluted valuation of $1 billion. Investors include Circle Ventures, Shima and Resolute. Earlier this year, the protocol successfully raised $28 million from private and public investors through its token sale. Of these, the Zebec token sale raised $21 million from private sales and $7 million from public sales. Some of the most notable private investors in token sales rounds include Solana, Coinbase, Circle, and Lightspeed Venture Partners.
Zebec's revenue is expected to reach $20 million by the end of 2022, with a net profit of $6 million. Earlier this year, Zebec partnered with Visa and joined their Fast Track financial program, a partnership that is one of the key reasons behind the protocol's encouraging growth rate.
Zebec is the first Solana project approved to join the Visa program. Soon, Zebec will launch a bespoke debit card that will allow users to seamlessly convert their real-time liquidity into FIAT currencies. Zebec's user base is expected to reach 2 million by 2024, and the Solana-based protocol also plans to launch a stablecoin when revenue reaches $1 trillion.
Launched in November 2021 by Sam Thapaliya, Zebec is backed by several major institutions in the crypto economy, including Solana, Distributed Global, Coinbase Ventures, Circle, Lightspeed, and Gemini, among others. The protocol has raised more than $28 million in funding to date, including a $15 million venture round earlier this year. Zebec is partnering with Visa to launch a metal debit card.
Zebec Protocol has a diverse and vibrant community on social media platforms. This includes nearly 13,000 developers on Discord where you can connect with them and contribute to the rise of the protocol.
Circle Ventures
Circle Ventures is a global fintech firm that partners with early stage crypto startups and provides them with financial capital, teams and resources. They have fostered an ecosystem of founders and investors dedicated to designing the next generation of the Internet, and Circle Ventures has launched remarkable projects including USDC, Euro Coin, and Circle Yield, among others.
Shima Capital
Shima Capital is a San Francisco-based investment fund that provides financing and resource support to cutting-edge blockchain and crypto startups. The firm has invested in several leading crypto startups such as Lunarcrush, KlimaDAO, Chingari, SuperDAO, and TeamDAO, among others.
Resolute Ventures
Resolute Ventures is a leading Web3 investment firm helping founders realize their entrepreneurial dreams, Resolute Ventures invests in startups even before they hit the market. Some of the most notable startups that Resolute Ventures has invested in include Flipside Crypto, Bloom Credit, HoneyBee, Eido Search, and Asaak, among others.