Zabo, which enables any financial services company to connect to their customers’ cryptocurrency wallets in a few lines of code, announced it has raised $2.5 million in new funding. The round was led by Moonshots Capital with participation from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory and others. The investment will be used to expand Zabo’s engineering and grow its customer base.
“Cryptocurrency is quickly becoming a mainstream asset class. 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,” said Alex Treece, Co-Founder and President at Zabo.
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).
“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. Zabo solves this by dramatically reducing the complexity. We enable leading financial services companies to swiftly and easily integrate into hundreds of leading cryptocurrency wallets with just a few lines of code,” said Christopher Brown, Co-Founder at Zabo.
“Zabo has put together an impressive team and have been experts in the cryptocurrency and blockchain space for years. They have built an incredibly important piece of technical infrastructure that will enable cryptocurrency financial services to touch billions of people. We’re excited to support the team to bring cryptocurrency to mainstream financial services,” said Craig Cummings, General Partner at Moonshots Capital.