- Coinbase has agreed to acquire crypto data aggregator Zabo for an undisclosed sum.
- Zabo’s core team of 10 people is joining Coinbase, Zabo co-founder Alex Treece told The Block.
Crypto exchange operator Coinbase has agreed to acquire Zabo — a crypto data aggregator that enables fintechs and financial services firms to connect with crypto exchanges, wallets, and protocols.
Zabo announced the news on Wednesday, saying that it is joining Coinbase to further its mission of bringing crypto mainstream. Zabo did not disclose the deal’s financial terms, but co-founder Alex Treece told The Block that it is an acquisition and not an acquihire, meaning Coinbase is buying Zabo for its offerings, not just its staff.
Founded in 2018, Zabo provides APIs or software that enables financial applications to connect with users’ crypto accounts. Zabo’s offerings can be compared with Plaid, which allows 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. This, in turn, can help them with tax calculations and monitoring their overall net worth.
Treece said the Coinbase deal is expected to close by the end of this month. He declined to say whether Zabo’s offerings will be rolled into Coinbase or Zabo will continue to operate independently. But he said Zabo’s entire core team, consisting of 10 people, is moving to Coinbase.
Zabo has raised $3.5 million to date 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.
There were no banking advisors for the deal, and legal advisors included Egan Nelson LLP from Zebo’s side and Fenwick & West LLP from Coinbase’s side, said Treece.
Nasdaq-listed Coinbase has acquired several firms to date. These include 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.
source of news:the blockcrypto