Payroll Protocol Zebec Raises $28M in Token Sales

Zebec Protocol, an Solana blockchain platform that allows users to send or receive payments, has raised $28million through both private and public sales in order to launch its ZBC token.

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

Circle, Coinbase and Lightspeed Venture Partners were the private sale investors. Alameda Research was also involved. Republic’s $7 million public sale was priced at $0.021 per token, the same price 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. It should be more of an event that generates community. Crypto is all about being able to give access to the public, the same access that private investors are able to get.”

ZBC tokens have been instantly made available to buyers. They can be traded on various exchanges. ZBC will be used as a governance token by Zebec’s decentralized autonomous organization (DAO). Zebec also plans to introduce staking rewards for holders and incentives for developers building on the platform. Holders who have staked ZBC will soon get the ability to list the tokens on a Zebec debitcard based in Solana.

“[The token sale]This allows us to provide some form of governance to our community. This means that suddenly, hundreds of people will be able have some say in the operation of the protocol. It means now you have people with vested interest,” Thapaliya said.

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