Coinbase Agrees to Buy Zabo, the ‘Plaid of Crypto’, for Undisclosed Amount

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Coinbase, a cryptocurrency exchange listed on the Nasdaq, has agreed to acquire Zabo, a startup that allows financial companies to give their customers a bird’s-eye view of their crypto investments.

Zabo, whose co-founders work in the Dallas-Fort Worth area, announced the deal in a blog post on Wednesday. He did not disclose the terms of the deal except to point out that it was a “correct” acquisition, not an “acquisition,” meaning Coinbase is buying Zabo for its offers, not just for people. The deal is expected to close within the next few weeks, said Alex Treece, one of Zabo’s co-founders.

“We have been fortunate to know several people on the Coinbase team for years,” said Christopher Brown, the other co-founder of Zabo. “We saw that there were incredible opportunities to work together, which led to us officially joining forces.” He did not want to detail the future plans of the companies.

Zabo’s service is similar to those offered in the traditional financial services industry by providers like Plaid and Yodlee in that it allows users to see all of their accounts in one place, except that it connects data to crypto wallets rather than bank or brokerage accounts.

Coinbase acquired, agreed to acquire, or began talks with a number of companies in the crypto industry before and after its IPO in April, including trade execution start-up Routefire, the asset manager. Osprey Funds, principal broker Tagomi and data provider Skew.

Digital Currency Group (DCG), the parent company of CoinDesk, is an investor in Zabo and Coinbase.

UPDATE (Aug 5, 14:02 UTC): Remove typo at bottom, flesh out Zabo’s service explanation.

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