Crypto Startup Zabo Raises $2.5M USD In Fundingbr>
Crypto startup Zabo has raised $2.5 million in a funding round led by Moonshots Capital with participation from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory and others.
Zabo enables any financial services company to connect to their customers’ crypto wallets in a few lines of code. The company’s API allows financial services firms to do a single integration to connect to the thousands of exchanges, wallets and cryptocurrencies required to power the next generation of financial products and services. Zabo’s technology is used in a variety of financial services applications, including personal financial management, investments, digital banking, tax software and decentralized finance (DeFi).
The latest funding will reportedly be used to expand Zabo’s engineering and grow its customer base.
“Cryptocurrency is quickly becoming a mainstream asset class,”Alex Treece, Co-Founder and President at Zabo. “Unfortunately, FinTechs, banks and brokerage firms have been very challenged to provide services, in part because their current technology doesn’t support cryptocurrency. This comes at a time when the next generation of customers, who prefer to own cryptocurrency more than shares in stocks like Disney and Netflix, are in the process of selecting their primary financial institutions. Zabo gives financial services companies the tools to build compelling products around cryptocurrency in order to serve this new generation of customers.”
Craig Cummings, General Partner at Moonshots Capital, said that they invested in Zabo because the company has put together an impressive team.
“They have built an incredibly important piece of technical infrastructure that will enable cryptocurrency financial services to touch billions of people,” Cummings said. “We’re excited to support the team to bring cryptocurrency to mainstream financial services.”