Crypto exchange CoinGecko has made its first acquisition with the purchase of NFT data firm Zash
Zash, an NFT data firm, was bought out by cryptocurrency data aggregator CoinGecko, marking its first purchase.
On Wednesday, CoinGecko announced their intention to integrate Zash’s NFT data into their platform by the second quarter of next year. The details of the trade were not revealed, however according to CoinGecko, Web3 Studios acted as the transaction’s financial adviser.
Former LinkedIn co-founder Reid Hoffman and Stripe co-founder John Collison were among the investors in the 2021 European startup accelerator Entrepreneur First, which helped launch Zash. Since there is a lack of trustworthy and accurate blockchain data pertaining to NFTs in particular, Zash shifted its focus from developing a social investing software “verified by real on-chain and broker data” to collecting NFT data. Ethereum, Polygon, Solana, and Bitcoin Ordinals are among the many blockchains that Zash now supplies NFT data to 87 markets.
According to CoinGecko’s co-founder and CEO TM Lee, “Zash stands out as unparalleled” after reviewing all current NFT data sources. “Within 3 years, they created a remarkable product with the most extensive NFT data coverage in the market, and marketed with top tier clients with a lean team.”
The deal will bring the Zash team on board with CoinGecko. Although Bobby Ong, co-founder and chief operating officer of CoinGecko, chose not to reveal the exact number of employees, LinkedIn lists as many as ten people working for Zash. Zash collected an unknown sum from a number of investors, including Cogitent Ventures and WWVentures, in February of this year during a pre-seed investment round, according to Crunchbase statistics, although Ong also refused to comment on the deal’s value.
CoinGecko, which launched in 2014, is in the same league as CoinMarketCap, which Binance bought over for almost $400 million in 2020.