By Bitcoinist - 5 months ago - Reading Time: 3 minutes
Crypto Tracker CoinGecko Snags NFT Startup Zash In Debut Acquisition
The world’s largest independent cryptocurrency data aggregator, CoinGecko, has revealed that it has acquired Zash, a prominent provider of data infrastructure and intelligence for non-fungible tokens (NFTs). The deal’s terms remained secret.
By the second quarter of next year, CoinGecko intends to integrate Zash’s NFT data into its platform, the company announced on Wednesday. Web3 Studios acted as the transaction’s financial advisor.
According to CoinGecko, the acquisition is consistent with their mission to provide the cryptocurrency community with accurate and dependable statistics. As a one-stop shop for cryptocurrency aficionados, CoinGecko will be even more solidified with the addition of Zash’s NFT statistics.
Coingecko Buys Zash
Following the implementation of the new service, customers will be able to obtain data from various blockchain networks, including Ethereum, Polygon, BNB Chain (formerly known as Binance Smart Chain), Bitcoin Ordinals, and Solana.
Exciting news: We’re proud to announce our acquisition by @CoinGecko!
With their near-decade-long legacy in crypto, #CoinGecko aligns with our mission to make trusted NFT data accessible to all. pic.twitter.com/KIMVfufjgh
— Zash (@zash_api) November 22, 2023
Furthermore, users will have the capability to collect NFT loan data from several marketplaces, including Blend, X2Y2, and NFTfi, in addition to metadata.
According to Bobby Ong, co-founder and chief operating officer of CoinGecko, API users will have the opportunity to experience a cohesive crypto data package. This will enable them to effortlessly retrieve both fungible and non-fungible token data, providing an enhanced understanding of the crypto market.
“We’re thrilled to complete the sale to CoinGecko – we can think of no better home to preserve the legacy of what we’ve built, than the outstanding brand CoinGecko has developed in the cryptocurrency space,” Zcash founder and CEO Parit Patel said in a statement.John Collison, a co-founder of Stripe, and Reid Hoffman, a co-founder of LinkedIn, supported Zash’s founding in 2021 at Entrepreneur First, a European company accelerator.
Strategic Approach
Zash switched from developing a social investing software that was “confirmed by real on-chain and broker data” to using NFT data because there was insufficient trustworthy and accurate blockchain data available, especially for NFTs.
Currently, the company offers NFT statistics on 87 different blockchains, including Ethereum, Polygon, Solana, and Bitcoin Ordinals.
Ong didn’t reveal the team size, though Zash has around 10 members on LinkedIn. Ong also withheld details on the deal size, but Zash was in a pre-seed funding round in February, securing funds from investors like Cogitent Ventures and WWVentures, Crunchbase data shows.
As of July 2022, CoinGecko was in a strategic position to consider possible acquisitions after Binance acquired CoinMarketCap, the company’s main rival, in 2020.
It’s interesting to note that the organization stated that it would prefer a long-term strategy than quick action in the near future, even though it was open to the idea of acquisitions.
This measured and cautious move showed that CoinGecko was taking a strategic and thorough approach to any possible collaborations or expansions, while also carefully assessing prospects and exploring acquisitions as part of its overall business plan.
Featured image from Onooks
Original source: Bitcoinist