Zabo announced it has raised $2.5 million in seed funding, allowing it to expand its service portfolio to continue connecting the cryptocurrency wallets of its customers to banks, brokerage firms, FinTech apps and tax software.
According to its blog post, the seed round was led by Moonshots Capital and joined by Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory, among others.
Bolstering Connections with Mainstream Financial Services
Zabo’s technology is used in a wide range of centralized and decentralized financial services applications and with this announcement, they expect their customer base to grow.
Christopher Brown, the co-founder of Zabo, gave his input on the relation between cryptocurrencies and financial services:
“Despite being on a path to touch billions of customers and be an asset class measuring in the trillions of dollars, cryptocurrency is very underserved relative to other financial services. This is partly because connecting cryptocurrencies, wallets, and exchanges to the traditional financial system is highly technical and complicated.”
The company details that they want to increase their human capital and add more partners and connections within the Zabo API, making the protocol easily accessible.
Also, Zaboadds would increase customer and partner support for the full service.
On the announcement of the seed round, Craig Cummings, general partner at Moonshots Capital, said the following:
“Zabo has put together an impressive team and have been experts in the cryptocurrency and blockchain space for years. (…) We’re excited to support the team to bring cryptocurrency to mainstream financial services.”
Zabo launched in September 2019 to tackle one of the most critical, missing pieces of infrastructure: an API for connecting cryptocurrency accounts, wallets and protocols to the fragmented and evolving landscape.
Funding to Continue its Mission and Bring Value to Customers
According to the company’s announcement, the funding round helps us continue the mission and bring even more value to the customers, partners and users who we empower. Specifically, we’re going to:
- Grow the Zabo family. If you’re passionate about the same mission, we’re hiring!
- Continue to add more partners and connections into the Zabo API. Our job isn’t done until every crypto asset, account, wallet and protocol is easily accessible and at your fingertips. In your favorite apps, your investment portfolio, your bank, and everywhere else you want access to crypto.
- Increase customer and partner support. We pride ourselves on being there for customers and partners when they need us. We won’t let getting bigger change that.
Bitmain-backed crypto trading platform co-founder Matrixport has announced a new funding round aimed at raising as much as $140 million at a $300 million post-investment valuation.