Crypto exchange giant Coinbase has agreed to acquire the crypto data aggregator Zabo. The firm enables fintechs and financial services firms to connect with crypto exchanges, wallets, and protocols. Zabo announced the news yesterday, saying that it is joining Coinbase to further its mission of bringing crypto mainstream. Zabo’s co-founder Alex Treece told the crypto news outlet The Block that it is an acquisition and not an acquihire, meaning Coinbase is buying Zabo for its offerings, not just its staff.
Zabo enables fintechs and financial services firms to connect with crypto exchanges and wallets.
Zabo, founded in 2018, provides APIs or software that enables financial applications to connect with users’ crypto accounts. Zabo’s offerings can be compared with Plaid, allowing applications to connect with users’ traditional bank and brokerage accounts. With Zabo, users can connect to any crypto exchange or wallet and track their balances and transactions history. Co-founder Treece further said the Coinbase deal is expected to close by the end of this month. He revealed that Zabo’s entire core team, consisting of 10 people, is moving to Coinbase.
Nasdaq-listed Coinbase has acquired several firms to date.
Zabo has so far raised $3.5 million from investors, including Moonshots Capital, Blockchange Ventures, and Digital Currency Group. Moonshots Capital co-founder and general partner Craig Cummings called the Coinbase deal a “huge milestone” for Zabo and a “successful exit” for the venture capital firm. Coinbase has acquired several crypto firms, including crypto trading firm Tagomi, crypto custody provider Xapo’s institutional business, blockchain analytics firm Neutrino, crypto staking infrastructure provider Bison Trails, crypto data provider Skew, and crypto trade execution platform Routefire. Earlier, the US-based crypto exchange went public via a direct listing on Nasdaq.