Zebec Network, a Solana-based payments platform, has seen its native cryptocurrency ZBCN lose more than a third of its market capitalization since reaching an all-time high of $0.007 about three weeks ago.
Among the drivers of the rally (ZBCN tripled in May) are some announced acquisitions and partnerships, as well as rumors (never confirmed) about a possible partnership between Zebec and Ripple (BeInCrypto).
Earlier this week, a special link was created between ZBCN and XRP, the currency closely associated with Ripple. This was achieved through a rewards program announced for eligible U.S. Uphold customers who hold at least $50,000 in XRP. The total prize pool is $100,000, and distribution is scheduled to begin this week. It will conclude within the next 30 days. Eligible users will receive their ZBCN tokens directly into their Uphold accounts, specifically into a ZBCN sub-account. The amount allocated will depend on the number of participating holders.
That $50,000 minimum holding requirement ensures "a relatively limited pool of participants," The Crypto Basic said, pointing to data suggesting that 131,535 XRP wallets in total, across all platforms, currently hold $50,000 worth of XRP.
Zebec has been on a rapid expansion spree. Earlier this month, it acquired Gatenox, a compliance and identity platform, in a deal that "integrates compliance into the foundation of programmable finance," according to Neal Padhye, Zebec's director of mergers and acquisitions. The deal makes Zebec faster, more secure, and ready for institutional scale, he added. At the end of May, Zebec acquired the assets of Science Card, a UK-based e-money account platform that allows users to contribute to scientific research projects through everyday spending.
