- Cryptocurrency Exchange Coinbase decided to Acquire Zabo.
- The quantity of acquiring, not yet revealed by Coinbase.
- The service allows users to retrieve balances and transaction histories
The cryptocurrency exchange listed on the Nasdaq, Coinbase has decided to acquire Zabo, a start-up that lets financial companies give their customers sweep of their crypto investments
On Wednesday, Zabo announced its acquisition by Coinbase. Zabo, a Dallas-based cryptocurrency startup that provides data integration services. Zabo is an Application Programming Interface (API) for connecting to any crypto exchange, wallet, protocol, or account. The quantity of acquiring, not yet revealed by Coinbase.
Moreover, one of the co-founders of Zabo, Alex Treece said, the transaction should close in the coming weeks. And the other co-founder, Christopher Brown stated,
“We’ve been lucky to know multiple folks on the Coinbase team for years”
Also, he added, we saw that there were amazing opportunities to work together, which led to us officially joining forces”.
Even more, the company’s future plans, not disclosed by the co-founders. The Zabo is building technology to connect cryptocurrency accounts from various exchanges and wallets to combine their crypto holdings with re-formatted, standardized data through an application programming interface (API). Especially, the service allows users to retrieve balances and transaction histories from several crypto addresses flawlessly.
Henceforth, Zabo’s service is similar to this offered in the traditional financial services industry by vendors like Plaid and Yodlee, except instead of bank or brokerage accounts it connects crypto wallets.
More so, Zabo raised $2.5 million in a seed round conducted by tech-focused venture capital firm Moonshots Capital to continue connecting its customer’s cryptocurrency wallets to banks, brokerage firms, Fintech apps, and tax software.
