Digital brokerage platform eToro has agreed to acquire Zengo, a self-custodial crypto wallet provider, in a deal valued at approximately $70 million.
The acquisition is a strategic move by eToro to expand its digital asset offerings and strengthen the connection between traditional finance and on-chain infrastructure.
Yoni Assia, eToro's co-founder and CEO, stated, "We believe the future of finance will be increasingly digital, decentralized and user-controlled. Self-custody is an important part of that evolution. Zengo has built an innovative and secure wallet experience."
Zengo, founded in 2018, utilizes multi-party computation (MPC) cryptography for a keyless, self-custodial experience, focusing on security and usability. The platform offers fiat on- and off-ramps, token swaps, staking, and decentralized application access.
Ouriel Ohayon, Zengo CEO, added, "Together with eToro, we will pursue that mission and take it to the next level as crypto and traditional finance become increasingly interconnected."
The integration aims to support the development of digital asset services and expand access to emerging on-chain products, enhancing eToro's capabilities for tokenized assets and decentralized trading products.