Solana-based Zebec protocol team has launched fee-free crypto card

What’s new? The team of the Solana blockchain-based Zebec payment protocol, in collaboration with Visa and Mastercard, has launched a non-custodial prepaid cryptocurrency card. The new product has no registration, currency conversion, or transaction fees. The card is initially available in 138 countries only for holders of native tokens ZBC.

Source: Twitter.com

What else is known? According to Zebec developers, priority for ordering cards is given to users whose accounts hold more than 1000 ZBC coins. To order, you need to provide an email address and then create a profile using the link, connect a Metamask, Binance, or Phantom wallet, and fund your account with USDC stablecoins from Circle issuer. Russia and Ukraine are not on the list of countries supported by the protocol.

The creators claim that Zebec Instant is the first and only card without fees. Fees are charged only for the production and delivery of the physical card.

The card can be used to pay for online purchases, including by connecting to Apple Pay and Google Pay payment systems. The daily spending limit is $10 000 and requires going through the identification procedure (KYC) to increase it.

Zebec, a multi-network decentralized protocol for instant payments, was launched on the Solana network in October 2021 after a $6 million seed round of funding led by Breyer Capital, Republic Capital, and Shima Capital.

Last February, the project raised $15 million in a Series A round led by Solana Ventures and Distributed Global with participation from Circle, Coinbase Ventures, Lightspeed Venture Partners, and DST Global Partners, as well as the now-bankrupt FTX crypto exchange subsidiary Alameda Research. The funds were used to scale the protocol.

In January of this year, the second version of Zebec started working, and in July, together with Coinflow, the function of connecting the protocol to bank accounts and exchanging cryptocurrencies for fiat was launched.

Zebec supports 185 cryptocurrencies and is managed by a decentralized autonomous organization (DAO) using ZBC tokens, the total value locked (TVL) of the project, according to the official website, is $100 million.

Binance analysts noted the outperforming growth of the Solana ecosystem compared to other L1s

The investment company VanEck believes that in the coming year, the project will take third place in capitalization among crypto projects

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At the same time, the ZBC exchange rate jumped by 12,4% a day after the announcement of the card, to the maximum since November 25, and then fell by 21%. As of December 11, 09:50 UTC, the asset is trading at $0,00796160.