What to know:
- eToro is acquiring Zengo for $70 million to strengthen its position in self-custody and decentralized finance
- Zengo’s keyless wallet technology will be integrated into eToro while continuing as a standalone product
eToro has acquired crypto wallet startup Zengo in a deal worth about $70 million. The recent acquisition brings eToro’s global trading platform with Zengo’s self-custody wallet technology. It also helps create a stronger push into decentralized finance and user-controlled digital assets.
The company, which is currently led by CEO Yoni Assia, is looking to expand beyond trading into deeper blockchain infrastructure. The company, valued at around $3 billion, already generates a large part of its business from cryptocurrency trading.
eToro CEO; Yoni Assia, Source: Tech Funding News
Zengo, was founded in 2018, and since then has built a wallet that allows users to store and manage their crypto without relying on centralized platforms. Its system uses multi-party computation (MPC), which removes the need for traditional private keys and also reduces the risk of hacks or loss.
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The wallet also supports features like token swaps, staking, fiat conversions, and more importantly unlimited access to decentralized applications. All these features makes it one of the complete self-custody solutions in the market.
eToro Bet on Self-Custody Services
This deal shows the company’s belief that the future of finance will be decentralized and fully controlled by users. By integrating Zengo’s technology, the company plans to support the new use cases such as tokenized assets, prediction markets, and advanced trading models like perpetuals.
For Zengo, the exit is relatively modest, having raised $24 million in total funding. However, the acquisition gives it access to eToro’s massive user base of over 40 million registered accounts.
The move comes as the company continues to diversify its revenue streams. In the first quarter of 2026, commodities accounted for 60% of its trading commissions, with volumes rising nearly four times year over year.
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