The crypto software company Zabo, which claims to directly connect bank accounts and crypto wallets, has just raised $2.5 million in funding so that it can start adding new customers and building its engineering team.
The Zabo team is very excited to announce Zabo’s latest round of funding! We’re stoked to keep working with our amazing investors, partners and customers.@hackdomTEX @alextreece1 @davireinke https://t.co/sqNX0PuDkx pic.twitter.com/hpLHC4pAlu
— Zabo (@zaboAPI) March 5, 2020
Based in Dallas, Zabo announced on Thursday that its funding round is complete and that it hosted participants like the Tezos Foundation, Digital Currency Group (DCG), Castle Island Ventures and CoinShares. Moonshots Capital led the round and is known as an early-stage investor that also led the funding for the Slack messaging platform.
Zabo Connects Bank Accounts to Crypto Wallets
Zabo claims it can directly connect bank accounts to crypto wallets by using code. The software company will use the new funding to improve its engineering capabilities and to gain more customers. It claims its technology went through tests and has been used with many apps, personal finance management tools, tax software and decentralized finance platforms included. Here’s what the general partner of Moonshots Capital, Craig Cummings, had to say about Zabo:
“[Zabo] built an incredibly important piece of technical infrastructure that will enable cryptocurrency financial services to touch billions of people.”
The Process that Connects Banks and Wallets Simplified
The co-founder of Zabo, Christopher Brown, made a statement in which he says his company’s success has grown as a result of the simplified solution for connecting banks and wallets it offers. It’s a well-known fact that many of the other attempts of connecting crypto to traditional finance are technologically complicated, so Brown says that:
“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.”
Another $1 Million From Ken Seiff’s Blockchange Ventures in 2018
The other co-founder and Zabo’s president, Alex Treece, said his company helps traditional financial entities deal with cryptocurrencies, making it possible for more compelling products to be built, in order for the new generation of clients to be served. The software startup has also raised $1 million from Ken Seiff’s Blockchange Ventures in a pre-seed round from 2018.