Nasdaq-listed cryptocurrency exchange Coinbase continues its buying spree by acquiring cryptocurrency aggregator service Zabo.
According to a Wednesday announcement, Coinbase has started the process of acquiring Zabo, a Dallas-based cryptocurrency startup providing data integration services with major crypto exchanges and wallets, including Coinbase’s rival Kraken. A spokesperson for Zabo told Cointelegraph that the firm is not disclosing terms of the deal, but expects to close later this month.
Founded in 2018, Zabo is building technology to connect cryptocurrency accounts from various exchanges and wallets to unify their crypto holdings in pre-formatted, standardized data via an application programming interface (API). Specifically, the service allows users to retrieve balances and transaction histories from several crypto addresses seamlessly.
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 blockchain 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.
Last year, Zabo raised $2.5 million in a seed round led by tech-focused venture capital firm Moonshots Capital to continue connecting its customers’ cryptocurrency wallets to banks, brokerage firms, fintech apps and tax software. Other investors in the round included major crypto investor Digital Currency Group, European asset manager CoinShares and Tezos Foundation.
The largest cryptocurrency exchange in the United States, Coinbase has been expanding its buying spree this year, acquiring several crypto startups, including blockchain data analytics platform Skew, blockchain infrastructure platform Bison Trails and trade execution platform Routefire. In April, Coinbase went live on Nasdaq through a direct listing of its COIN stock.