Trading and investment platform eToro has agreed to buy self-custodial crypto wallet provider Zengo in a deal reportedly worth around $70 million.
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Founded in 2007 as a ‘social investment network’ with the aim of opening up capital markets to the masses, eToro lets its 40 million users from around the world trade a host of assets, from fractional equities to crypto.
Zengo’s crypto wallet is known for its keyless wallet architecture designed to enhance security while simplifying self-custody. The firm offers a full-service crypto experience, including on- and off-ramp capabilities, token swaps, staking and access to decentralised applications.
EToro says this will support its effort to offer evolving digital asset use cases, including tokenised assets and emerging decentralised trading models such as prediction markets and perpetuals.
Yoni Assia, CEO, eToro, says: “We believe the future of finance will be increasingly digital, decentralised and user-controlled, with self-custody playing an important role in that evolution. Zengo has built an innovative and secure wallet experience, and this acquisition will enable us to accelerate its growth while continuing to provide users with choice in how they access digital assets.”