TL;DR Breakdown
- Cryptocurrency startup Zabo acquired by Coinbase.
- Coinbase buying crypto startups to improve institutional Bitcoin offering.
In a move to continue its dominance in the cryptocurrency industry, San Francisco-based digital exchange, Coinbase has added another acquisition to its list with the purchase of a new cryptocurrency startup.
Zabo, a Dallas-based cryptocurrency startup that focuses on connecting users to any crypto exchange, wallet, protocol, or account via an official blog post announced its acquisition by Coinbase.
According to the announcement, the purchase of Zabo will give Coinbase customers a nigher view of their crypto investments. Also, the crypto startup application programming interface (API) technology will further boost Coinbase’s mission to increase digital currency adoption.
Although the terms of the purchase weren’t disclosed the announcement noted that agreements of the acquisition will be completed next week and the cryptocurrency startup that already provides data integration services for several major crypto exchanges and wallets will belong to Coinbase.
Alex Treece, co-founder of Zabo in a statement expressed delight with the takeover and gratitude for the journey of the platform so far. Describing Zabo’s achievement as magical, Treece noted that the cryptocurrency startup was able to achieve its mission as well as connect digital currency accounts and unify clients’ financial portfolios.
He further stated that the cryptocurrency startup was looking forward to working with Coinbase in advancing the mission of bringing cryptocurrency mainstream.
Coinbase on cryptocurrency startup buying spree
Although both parties expressed delight regarding the acquisition, it is worth noting that the cryptocurrency exchange which is listed on the Nasdaq has gone on a recent buying spree of cryptocurrency startups.
Coinbase has acquired and is currently in a negotiation phase with several companies in the crypto space in a bid to enlarge its platform. Notable amongst its purchase is crypto trade and execution startup Routefire, which is Coinbase’s first acquisition of 2021.
Others include digital asset manager Osprey Funds, prime brokerage Tagomi and blockchain data analytics platform Skew.
Notably, Coinbase’s recent purchases of several crypto startups are aimed at improving its institutional Bitcoin offering.
Meanwhile, several other behemoths companies are also buying up crypto startups to boost their platform. Jack Dorsey’s financial services firm, Square recently announced its decision to acquire Afterpay. Also, PayPal recently revealed its interest in acquiring Curv, a cryptocurrency startup based in Tel Aviv, Israel.
