As per the latest report, Coinbase has announced that it has successfully acquired Zabo. Zabo is reportedly known as a major cryptocurrency aggregator in the cryptocurrency industry. With the latest acquisition, Coinbase has shown once again that it is going to carry on with its spree of buying different firms related to cryptocurrencies.
Coinbase currently exists as one of the largest cryptocurrency exchanges in the entire world. With Binance recently being penalized and scrutinized by regulators, Coinbase has the perfect opportunity of rising to the top.
It was just Wednesday, August 4, when Coinbase made an announcement in regards to the acquisition of Zabo. Zabo reportedly made an announcement that it was in the process of acquiring the cryptocurrency aggregator. Zabo is a cryptocurrency startup that is based in Dallas, Texas.
Zabo has gained a lot of name and reputation providing integration services for data related to wallets and exchanges. At present, the exchange is known for providing data integration services for Kraken, which is a rival to Coinbase.
Not many details have been shared by Coinbase or Zabo in regards to the deal formed between the firms. The firm has currently not shared details around the size of the deal, meaning the acquisition price has not been shared.
It was back in 2018 when Zabo was founded for the advancement of cryptocurrency technology. The firm is dedicated to connecting different accounts for cryptocurrencies belonging to different cryptocurrency exchanges. The platform also aims to provide a connection between the cryptocurrency wallets with different exchanges.
The platform also aims to unify the holdings for cryptocurrencies among various wallets and exchanges through standardized and per-formatted data. The said data is reported unified through the application programming interface (API).
With the help of the service, the users are able to retrieve transaction histories and balances from several addresses for the cryptocurrencies. The users are able to do it without any difficulties or problems, and the reports are generated in a very short amount of time.
Several claims have been made by the developers of the Zoba API on their website. They have claimed that so far, the API integrations they have carried out are among several wallet services and cryptocurrency exchanges.
Putting these into figures, Zoba API integrations currently include over 50 wallet services and cryptocurrency exchanges. Some of the major wallet services and cryptocurrency exchanges include Ledge, a major blockchain wallet, Kraken, a major cryptocurrency exchange.
Other major firms include cryptocurrency exchange known as FTX, BitGo, a major cryptocurrency payment platform, and so many more.
Alex Treece, the co-founder of Zabo, talked about the growth and promising performance of the company. He praised and remarked on the outstanding performance of the partners, investors, customers, and amazing team. He stated that these are the combined efforts of these entities that have kept their project going and being one of the largest in the industry for the last three years. They are confident that the project will continue making progress and introducing more features/tools for the convenience of the users.