Zabo announced that it will be joining the Coinbase digital asset platform. However, the statement did not specify the terms of the deal, and the amount paid not disclosed.
Netizens and industry experts have already assumed that after purchasing Zabo; Coinbase expects a significant financial profit amid the increase in the number of traders.
According to reports, the Coinbase exchange has already begun the process of taking over the specified service.
According to a blog post, Zabo, a Dallas-based cryptocurrency data aggregator, will become part of the Nasdaq-listed Coinbase exchange. Startup co-founders Christopher Brown and Alex Treece noted that they are very excited to join Coinbase.
The two executives said the deal should closed within weeks; but did not say how much Coinbase will pay for the acquisition. They added that working side-by-side with the mall would benefit many people dealing with virtual currencies as they would have the financial freedom they needed:
“We look forward to working through Coinbase to expand the economic freedom of billions of people”.
Zabo was founded in 2018 in Dallas, Texas and is an application programming interface (API) for connecting to any digital asset, exchange, wallet, account, or protocol. In addition, it allows cryptocurrency users to exchange data, including balances, deposit addresses, and transaction histories.
Zabo tools allow you to collect cryptocurrency accounts and user wallets in one place. This greatly simplifies the tracking of transactions; tracking the overall balance of investments and makes it easier to prepare tax reports.
Note that Zabo is integrated into more than 50 exchanges and various exchangers.
In addition, the Zabo service includes support with one of Coinbase’s main competitors, the Kraken cryptocurrency exchange.
Coinbase started trading on the Nasdaq
Giant cryptocurrency exchange Coinbase was a milestone this year as it became the first major marketplace to be traded on the open market.
According to the official Nasdaq website, the opening price of COIN shares was $ 381. At the time, the market valuation was around $ 100 billion. It is also worth noting that the opening price was well above the initial reference price of $ 250. However, the share price has dropped since then and is currently around $ 240.
Shortly after the direct listing, Coinbase announced its intention to raise $ 1.25 billion to accelerate its growth after its share price
The platform emphasized that the placement will be private and only available to institutional investors who comply with Rule 144A, published under the Securities Act of 1933. This means that only those managing securities issued by other companies with a value of at least $ 100 million can apply.
In addition, in April, Coinbase continued its expansion by agreeing to acquire Skew, a popular analytics company that provides various cryptocurrency data.
Also, one of the Coinbase divisions took part in the financing of the popular NFT platform.