The world’s largest independent cryptocurrency data aggregator, CoinGecko, has revealed that it has acquired Zash, a leading provider of data and intelligence infrastructure for non-fungible tokens (NFTs). The terms of the agreement remained secret.
For the second quarter of next year, CoinGecko intends to integrate Zash’s nft data into its platform, the company announced Wednesday. Web3 Studios acted as financial advisor on the transaction.
According to CoinGecko, the acquisition is consistent with its mission of providing the cryptocurrency community with accurate and reliable statistics. As a one-stop shop for cryptocurrency fans, CoinGecko will be further solidified with the addition of Zash’s nft stats.
Coingecko buys Zash
Upon implementation of the new service, customers will be able to obtain data from various blockchain networks, including ethereum, Polygon, BNB Chain (previously known as Binance Smart Chain), bitcoin Ordinals, and Solana.
Exciting news: we are proud to announce our acquisition by @CoinGecko!
With his nearly decade-long legacy in crypto, #CoinGecko aligns with our mission to make trusted nft data accessible to everyone. pic.twitter.com/KIMVfufjgh
-Zash (@zash_api) November 22, 2023
Additionally, users will have the ability to collect nft lending data from various marketplaces, including Blend, X2Y2, and NFTfi, as well as metadata.
According to Bobby Ong, co-founder and COO of CoinGecko, API users will have the opportunity to experience a coherent crypto data package. This will allow them to effortlessly recover data from fungible and non-fungible tokens, providing a better understanding of the crypto market.
“We are thrilled to complete the sale to CoinGecko; we can’t think of a better home to preserve the legacy of what we’ve built than the excellent brand CoinGecko has built in the cryptocurrency space,” said Zcash Founder and CEO , Parit Patel. in a sentence.
John Collison, co-founder of Stripe, and Reid Hoffman, co-founder of LinkedIn, supported Zash’s founding in 2021 at Entrepreneur First, a European business accelerator.
Total crypto market cap at $1.36 trillion on the 24-hour chart: TradingView.com
Strategic approach
Zash moved from developing social investing software that was “confirmed by real on-chain and broker data” to using nft data because there was not enough reliable and accurate blockchain data available, especially for NFTs.
The company currently offers nft statistics on 87 different blockchains, including ethereum, Polygon, Solana, and bitcoin Ordinals.
Ong did not disclose the size of the team, although Zash has around 10 members on LinkedIn. Ong also withheld details about the size of the deal, but Zash was in a seed funding round in February, raising funding from investors including Cogitent Ventures and WWVentures, Crunchbase data shows.
As of July 2022, CoinGecko was in a strategic position to consider potential acquisitions following the Binance acquisition. CoinMarketCapthe company’s main rival, in 2020.
It is interesting to note that the organization stated that it would prefer a long-term strategy than quick action in the near future, although it was open to the idea of acquisitions.
This measured and cautious move demonstrated that CoinGecko was taking a strategic and comprehensive approach to any potential collaboration or expansion, while also carefully evaluating prospects and exploring acquisitions as part of its overall business plan.
Featured image by Onooks
