Zabo has announced it has raised $ 2.5 million in seed funding, allowing it to extend its portfolio of services to continue connecting its customers’ cryptocurrency wallets to banks, brokerage firms, FinTech apps, and tax software.
As detailed in a March 5 blog post, the seed round was led by Moonshots Capital and included funding from Blockchange Ventures, Castle Island Ventures, Digital Currency Group, CoinShares, Tezos Foundation, Capital Factory, among others.
Zabo’s technology is used in a wide variety of financial services applications, both centralized and decentralized, and with this announcement, they expect to grow their customer base.
Christopher Brown, Zabo’s co-founder, gave his input on cryptocurrencies’ relationship with 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, based in Dallas, Texas, 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, Zabo adds that customer and partner support would be increased for the entire service.
On the announcement of the seed round, Craig Cummings, general partner at Moonshots Capital, said:
“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 its API in September 2019 to connect the entire spectrum of cryptocurrency accounts, wallets, and protocols.
Moonshots Capital is a venture capital firm with offices in Austin and Los Angeles, founded in 2017. Within its background, they have invested in more than 80 ventures and founded and operated 14 companies.