Listen to this Article Now
Cryptocurrency exchange with a Nasdaq listing Coinbase has added Zabo, a cryptocurrency aggregation service, to its growing list of acquisitions. Coinbase has begun the process of acquiring Zabo, a Dallas-based cryptocurrency firm that provides data integration services with major crypto exchanges and wallets, including Coinbase’s rival Kraken, according to a Wednesday release.
The acquisition deal’s size was not disclosed. Zabo was founded in 2018 with the goal of connecting cryptocurrency accounts from various exchanges and wallets using an application programming interface to combine their crypto holdings in pre-formatted, consistent data (API). The tool, in particular, allows users to quickly get balances and transaction history from many crypto addresses.
According to the company’s website, Zabo’s API integrations include more than 50 crypto exchanges and wallet services, including Coinbase’s rival Kraken, major block chain wallet Ledger, crypto payment platform BitGo, crypto exchange FTX and others. “Over the last three years, with the help of our amazing team, customers, investors, and partners, we succeeded in establishing the Zabo API as the world’s most powerful tool for connecting to any crypto exchange, wallet, protocol or account,” Zabo co-founder Alex Treece wrote in a blog post. “We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream,” he added. Zabo raised $2.5 million in a seed round last year sponsored by Moonshots Capital, a tech-focused venture capital firm, to continue integrating its customers’ bitcoin wallets to banks, brokerage firms, fintech apps, and tax software. Digital Currency Group, European asset manager Coin Shares, and Tezos Foundation were among the other investors in the round.
Coinbase, the United States’ largest cryptocurrency exchange, has been on a purchasing frenzy this year, acquiring a number of crypto firms, including block chain data analytics platform Skew, block chain infrastructure platform Bison Trails, and trade execution platform Route fire. Coinbase debuted on Nasdaq in April with a direct offering of its COIN shares.