Zabo, a Dallas-based data aggregator for cryptocurrency, today announced its acquisition by Coinbase, a crypto exchange platform.
Zabo’s technology connects cryptocurrency accounts, making it easy for users to unify their crypto holdings. The core technology matches up well with Coinbase which has made efforts to mainstream cryptocurrency, especially with its IPO in April 2021.
“Over the past three years, with the help of our great team, customers, investors and partners, we have succeeded in making the Zabo API the most powerful tool in the world to connect to any what exchange, wallet, protocol or encryption account, ”Zabo co-founders Christopher Brown and Alex Treece wrote in a blog post on the company’s website.
Founded in Dallas
Zabo, founded in 2018 by Brown and Treece, started off with $ 1 million in a pre-seed round that year, through Crunchbase. Their mission? Building new tools to integrate cryptocurrency into traditional financial services.
Today, Zabo offers integrations with most major exchanges and wallets, according to the company.
Bryan Chambers, vice president of Ventures at Capital Factory and founding member of Venture Dallas, congratulated the Dallas startup on LinkedIn with, “I am incredibly proud and excited for Alex Treece and the Zabo team. Thank you for letting Capital Factory and UT Dallas Seed be a part of your amazing journey.
Last March, Zabo announced a $ 2.5 million funding round, led by Moonshots Capital, to expand its engineering team and increase its customer base. At the time, he explained that his technology allowed any financial services company, including banks, brokerage houses, and fintechs, to connect to clients’ crypto wallets, adding that Zabo’s API integrates with it. to thousands of exchanges, wallets and cryptocurrencies.
In February of this year, Dallas Innovates reported that Zabo had formed a partnership with Money Dashboard, a free UK-based money management app that allows people to view their crypto accounts with their bank accounts. With this decision, Zabo added more than 600,000 new users. The partnership was another step towards normalizing cryptocurrency adoption by putting existing crypto holdings and bank accounts in one app according to Zabo.
The startup released Papercrypto, a cryptocurrency simulation, in May 2019 with the idea of ”demystifying, reducing risk and devouring crypto confusion.” The free game offered new and existing cryptocurrency users a way to create a virtual cryptocurrency wallet to better understand the financial product. The game was an early example of Zabo’s commitment to bringing crypto to the mainstream, even in its early days as a startup.
In March 2019, Brown and Treece presented at Venture Summit West 2019, hosted by Blockchain Exchange Guide in San Francisco. At the time, the startup company planned to launch an all-digital bank that would have provided users with access to traditional checks, savings, loans, and cryptocurrency all in one place.
Zabo eventually evolved to its current API cryptocurrency technology.
Quincy Preston contributed to this report.
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