CoinGecko, the world's largest independent cryptocurrency data aggregator, has recently acquired Zash, a prominent provider of data infrastructure and intelligence for non-fungible tokens (NFTs). The terms of the deal have not been disclosed. CoinGecko acquires NFT startup Zash.
CoinGecko plans to integrate Zash's NFT data into its platform by the second quarter of next year. The acquisition aligns with CoinGecko's mission to provide accurate and reliable statistics to the cryptocurrency community. With the addition of Zash's NFT statistics, CoinGecko aims to further solidify its position as a comprehensive resource for cryptocurrency enthusiasts.
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Coingecko Buys Zash
CoinGecko's new service allows customers to access data from various blockchain networks, including Ethereum, Polygon, BNB Chain (formerly known as Binance Smart Chain), Bitcoin Ordinals, and Solana. Additionally, users can obtain NFT loan data from several marketplaces, including Blend, X2Y2, and NFTfi, along with metadata. According to Bobby Ong, co-founder and COO of CoinGecko, API users can benefit from a comprehensive crypto data package that provides both fungible and non-fungible token data. This will help them gain a better understanding of the crypto market with ease.
“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 transitioned from developing a social investing software that relied on "real on-chain and broker data" to utilizing NFT data due to the lack of trustworthy and accurate blockchain data, particularly for NFTs.
At present, the company provides NFT statistics for 87 different blockchains, including Ethereum, Polygon, Solana, and Bitcoin Ordinals.
The team size at Zash has not been disclosed, although they have approximately 10 members on LinkedIn. Details regarding the deal size were also withheld, but according to Crunchbase data, Zash secured funds from investors such as Cogitent Ventures and WWVentures during a pre-seed funding round in February.
As of July 2022, CoinGecko found itself in a favorable position to consider potential acquisitions following Binance's acquisition of CoinMarketCap, its main competitor, in 2020.
It is worth noting that the company expressed a preference for a long-term strategy over hasty actions in the near future, while remaining open to the possibility of acquisitions.
This deliberate and cautious approach demonstrates CoinGecko's commitment to strategic and thorough decision-making in relation to collaborations, expansions, and potential acquisitions, all of which are integral to its overall business plan.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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