American cryptocurrency exchange firm Coinbase has revealed it is preparing to acquire digital currency overview tool Zabo for an undisclosed fee.
Established in 2012, Coinbase connects bank accounts, debit cards or credit cards to its cryptocurrency exchange to trade in an out of local currency. The company stores the digital tokens on the platform and are covered with insurance.
Zubo commented on the acquisition, saying, “When we started Zabo in 2018, we set out on an ambitious mission of building new tools to bring cryptocurrency into mainstream financial services.
“Over the last three years, with the help of our amazing team, customers, investors and partners, we succeeded in establishing the Zabo API as the world’s most powerful tool for connecting to any crypto exchange, wallet, protocol or account.”
The company said it unlocked something ‘truly magical’ by making it simple and easy to connect cryptocurrency accounts and finally unify users’ complete financial picture.
The firm added, “We are very excited to join Coinbase, which has done more than perhaps any other company in advancing the mission of bringing cryptocurrency mainstream.
“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.”
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