Coinbase cryptocurrency exchange expands its reach by acquiring crypto data aggregator Zabo, although the acquisition deal size was not made known.
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.
Zabo’s API integrations include more than 50 crypto exchanges and wallet services, according to the company’s website, 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.
He went on to say, “We are really delighted to join Coinbase, which has done more than perhaps any other firm in advancing the aim of making cryptocurrencies mainstream.”
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’ cryptocurrency wallets to banks, brokerage firms, FinTech apps, and tax software.
Digital Currency Group, European asset manager CoinShares, 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 blockchain data analytics platform Skew, blockchain infrastructure platform Bison Trails, and trade execution platform Routefire.
Coinbase debuted on Nasdaq in April with a direct offering of its COIN shares.