PYMNTS MonitorEdge May 2024

Zeebu Marks $1 Billion in Web3 Settlement Transaction Volume

blockchain payments

Web3 payments platform Zeebu said it exceeded $1 billion in first quarter transaction volume.

“In just seven months following the debut of its on-chain settlement platform, Zeebu swiftly advanced from settling nearly 5,000 invoices totaling over $500 million to surpassing the $1 billion threshold, marking a new era of scalability and efficiency for the platform,” the company said in a Monday (March 11) news release.

Zeebu, based in Dubai, is focused on the telecom sector, with its offering based around the ZBU token, designed to facilitate global transactions and offering a loyalty program rewarding ecosystem participants for every transaction. 

“The telecom industry’s embrace of blockchain settlements underscores the strength of our product offerings. Our commitment to building robust and adaptable financial solutions positions us perfectly to capitalize on this growing market opportunity,” said Keshav Pandya, Zeebu’s co-founder and chief operating officer. 

Elsewhere in the Web3 space, PYMNTS last month examined efforts by the Commodity Futures Trading Commission’s (CFTC) Technology Advisory Committee (TAC) to narrow lawmakers’ knowledge gap about the Web3 space’s makeup with a report called “Decentralized Finance.”

“The first priority for policymakers should be to increase their capacity to understand DeFi, including by identifying what they do and do not know yet about DeFi,” the report said.

The U.S. lawmakers who authored the report wrote that their intent is not to “advance a definitive definition of DeFi that might one day provide the basis for a new or expanded regulatory perimeter,” going on to warn against designing regulatory frameworks around a singular technology, stressing — and identifying — the different risk layers endemic to DeFi’s technology stack.

PYMNTS also wrote late last month about the way proponents of blockchain’s underlying technical capabilities were working to shed its association with cryptocurrency “by finding historical opportunity areas within the traditional financial sector that digital assets were originally designed to replace,” that report said.

“After all, the technology’s innovative capability for storing and moving tokenized value within a digitally native landscape is worth interrogating for whatever utility it can offer as global channels of commerce increasingly move online,” PYMNTS added. 

For example, the use of blockchain-based tokenization in the trade finance and infrastructure investment space has gotten the attention of the World Bank.

The organization wrote in a report that using blockchain to modernize trade finance has the “advantages of … efficiency gains driven by automation and disintermediation, transparency, and greater liquidity and tradability of illiquid assets.”