Coinbase to acquire cryptocurrency data aggregator, Zabo

Rick Steves

Coinbase has also acquired trade execution startup Routefire, prime brokerage Tagomi, and data provider Skew.

Today we are thrilled to announce that Zabo is being acquired by

Coinbase is set to acquire cryptocurrency data aggregator, Zago, for an undisclosed sum. The news, announced by the latter, follows the recent initial public offering of the popular digital asset exchange which has provided the firm with more funds to acquire companies and expand its footprint across the globe.

Coinbase will leverage Zabo’s data aggregation service to further bring cryptocurrency mainstream. Zabo was launched Zabo in 2018 to offer new tools that could facilitate the adoption and massification of the new asset class.

The Zabo API, which connects to any crypto exchange, wallet, protocol, or account, has grown to become widely popular as a cryptocurrency data aggregator, allowing users to see all their accounts in one place. In this case, the firm connects data to crypto wallets instead of to bank or brokerage accounts.

“We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream”, said the firm’s announcement.

“While there has been incredible progress made by cryptocurrency and web 3.0 technology in the last decade, it is still early! We look forward to working as part of Coinbase to continue to bring cryptocurrency mainstream and increase economic freedom for billions of people”.

Coinbase was recently on the news for banning salary negotiations after the success of its IPO. The exchange operator argued negotiations can disproportionately leave women and underrepresented minorities behind, and a disparity created early in someone’s career can follow them for decades.

Most recently, Coinbase suspended the trading of Bitcoin SV following a double-spending attack on the blockchain network.

Coinbase’s shares reached $328 on the listing day after the exchange went public via a direct listing, which enables insiders to sell shares right away without the usual post IPO lockup period that limits the initial supply of shares.

Since then, the share price lost momentum and traded below the $250 line since mid-May until a few days ago. COIN is currently trading at $258. Investors will want to know what is Coinbase doing with the new funds since going public. Mergers and acquisitions are typically part of a growth stock’s expansion strategy.

Coinbase has also acquired trade execution startup Routefire, prime brokerage Tagomi, and data provider Skew.

Read this next

Digital Assets

Societe Generale launches its own cryptocurrency, EURCV

French banking giant Societe Generale has launched its own euro-pegged stablecoin, EUR CoinVertible (EURCV). This move by France’s third-largest bank reflects the increasing trend of mainstream financial institutions embracing cryptocurrencies on a global scale.

Executive Moves

Stelios Eleftheriou leaves NAGA Group to join BVNK

BVNK, the crypto-powered payments and banking platform for businesses, has appointed FX industry veteran Stelios Eleftheriou, who has a colorful career across the gaming industry, as Business Development Director (CFD & iGaming).

Retail FX

CAPEX.com introduce ETFs on UAE, Saudi stocks

Abu Dhabi-based broker CAPEX.com has expanded its asset class offerings to include a new suite of Exchange-Traded Funds (ETFs) tailored for the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) markets.

Institutional FX

Tradeweb Markets surges past $1.80 ADV in November

Tradeweb Markets Inc. (Nasdaq: TW) has reported a total trading volume of $38.2 trillion and a record average daily volume (ADV) of $1.80 trillion for November 2023. These figures mark a 59.2% year-over-year increase.

Inside View

A Mission in Accounting

Ismael Haber, an auditor and accountant, has made it his mission to help businesses improve the quality of their financial information by eliminating fraud and error. In the next five years, the demand for these specific financial services, being external financial audits, forensic accounting, and other fraud preventive and detective services is envisaged to increase.

Institutional FX

CME Group to launch new spot FX marketplace ‘CME FX Spot+’ in 2024

US derivatives exchange, CME Group today announced plans to introduce ‘CME FX Spot+’, a novel spot foreign exchange (FX) marketplace.

Interviews

FMLS:2023: Andrew Mreana provides an exclusive sneak peek into cTrader’s 2024 innovations

cTrader’s focus for the next year would be on developing new tools for Introducing Brokers (IBs) and partners, particularly those related to algorithmic (algo) trading, the company’s head of growth told FinanceFeed in an exclusive interview at the Finance Magnates London Summit 2023.

Digital Assets

Grayscale’s Ethereum ETF stalls: SEC extends review to January 2024

The United States Securities and Exchange Commission (SEC) has extended the evaluation period for Grayscale’s proposed Ethereum spot ETF.

Institutional FX

BMLL completes China equity data offering: Shanghai, Shenzhen, and Hong Kong

“Demand for China data has never been higher. This is set against a general industry trend of increased market participant sophistication, and an increasing demand for quality historic market data to understand market microstructure and venue behaviour. Market participants need to get the full picture of market quality, liquidity and order book dynamics to ultimately make better informed decisions on the markets they trade and the venues they run.”

<