Coinbase to acquire cryptocurrency data aggregator, Zabo
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.
