On March 5, 2020, Zabo, which enables any financial services startup to connect to users’ crypto wallets easily, announced it had raised $2.5 million in new funding.

Moonshots Capital led the round with participation from Blockchange Ventures, Digital Currency Group, Tezos Foundation, and a few others. The investment will be used to expand Zabo’s engineering and grow its customer base.

Alex Treece, Co-Founder, and President at Zabo said:

“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.”

He added that Zabo gives financial services companies the tools to build compelling products around cryptocurrency in order to serve this new generation of customers.

The process of connecting cryptocurrencies, wallets, and exchanges to the traditional financial system is usually highly technical and complicated. Zabo solves this by dramatically reducing complexity.

The startup enables leading financial services companies to swiftly and easily integrated into hundreds of leading cryptocurrency wallets with just a few lines of code.

Zabo Fostering Crypto Adoption

Zabo’s tech is integrated into numerous financial services applications, including financial management, digital banking, tax software, and decentralized finance (Defi).

Their new plan to connect cryptocurrency accounts to banks, brokerage firms, FinTech apps, and tax software is key to making it easy to obtain and use crypto as well as pay for goods and services using digital assets.

The path to mass crypto adoption will likely be paved by technology that makes moving cash easier and allows users to withdraw crypto from their bank accounts easily. Zabo, with its visionary innovation, will be a leader in fostering crypto adoption on mass to the general public.

Zabo Joins Plaid and Bitwala in Making Access to Crypto Easier

Among other top companies offering bank services to crypto, users are cryptocurrency banking provider Bitwala and San Francisco-based fintech company, Plaid.

Just last December, Bitwala revealed that it has started offering banking service to over 40,000 pre-registered cryptocurrency users in Germany. Berlin-based Solarisbank hosts the bank accounts.

With the new Bitwala bank accounts, users will receive a contactless debit card, which will allow them to buy and sell BTC and manage expenses. The Bitwala account comes with a bitcoin wallet.

Similarly, the Abra crypto wallet is making it easier for users in the United States to convert USD to crypto by connecting and being able to transfer funds to the Abra app seamlessly.

This greater ease of use is thanks to a new banking integration made possible by the San Francisco-based fintech company, Plaid, which was launched in March 2019.

The Plaid integration means that now thousands of banks are easily compatible with the Abra wallet, enabling easy withdrawal of 30 cryptocurrencies from user bank accounts.

