Coinbase acquired Zabo- a crypto exchange data aggregator and its API integrations include more than 50 exchanges and wallet services like Coinbase’s rival Kraken so let’s read more in today’s Coinbase news.
Nasdaq-listed Coinbase continued its buying spree by acquiring a new crypto aggregator service. Coinbase acquired Zabo crypto exchange according to a Wednesday announcement saying it started the process of acquiring it. Zabo is a Dallas-based crypto startup providing data integration services with major crypto exchanges and wallets like Kraken. The size of the acquisition deal was not disclosed. Founded in 2018, Zabo is building a technology to connect crypto accounts from various exchanges and wallets to unify the holdings in pre-formatted standardized data in an application programming interface. The service allows users to retrieve balances and transaction histories from crypto addresses seamlessly.
According to the company’s website, Zabo’s API integrations include more than 50 exchanges and wallet services including Kraken, Ledger wallet provider, crypto payments platform BitGto, FTX, and more. Co-founder Alex Treece wrote:
“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. We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream.”
Zabo raised $2.5 million in a seed round led by tech-focused venture capital company Moonshots Capital and continued connecting its customers’ crypto wallets to banks, brokerage companies, tax software, and FinTech apps. Other investors in the round include major crypto investor Digital Currency Group CoinShares and Tezos Foundation. The biggest crypto exchange in the US, Coinbase expanded its buying spree and acquired a few crypto startups including data analytics platforms Skew, Bison Trails, and Routefire. In Apil, Coinbase went live on Nasdaq via a direct listing of ITS Coin Stock.
As recently reported, The Coinbase wallet to add support for the Ethereum scaling solution so the wallet users can gain access to Defi platforms like Compound, Aave, and Uniswap, and those of them that wish to make smaller transactions remain at a disadvantage due to high transaction fees and longer confirmation times. The average transfer fee on the ETH blockchain on which Uniswap, compound, and Aave are based, amounts to $5.17 as per BitInfoCharts.
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