Trading platform eToro has agreed to acquire self-custodial crypto wallet provider Zengo for a reported $70 million. This strategic move combines eToro's 40 million registered users with Zengo's keyless wallet technology, which utilizes multi-party computation (MPC) cryptography and serves over 2 million users globally since 2018.
eToro CEO Yoni Assia stated, "We believe the future of finance will be increasingly digital, decentralized and user-controlled, with self-custody playing an important role in that evolution." The acquisition aims to accelerate Zengo's growth and provide users with more options for accessing digital assets, aligning with eToro's long-term vision for decentralized finance.
The deal strengthens eToro's position in the digital asset market, preparing the company to support emerging Decentralized Finance (DeFi) use cases. Zengo had previously raised $24 million, including a $20 million Series A in 2021, and had acquired stablecoin-focused wallet Minke.