Digital broker eToro is expanding its decentralized finance (DeFi) strategy with a major investment.
The company led a $12.5 million funding round for Extended, an onchain perpetual futures exchange founded by former Revolut executives. Jump Crypto also participated. The move follows eToro's April acquisition of the self-custody wallet Zengo for $70 million.
eToro plans to integrate Extended's perpetual futures engine directly into the Zengo wallet, giving users access to onchain derivatives while retaining asset custody. Over time, the company aims to bring broader DeFi products to its main platform.
The investment comes as rival Robinhood expands its own blockchain, offers tokenized stocks, and plans perpetual futures for commodities like gold and oil. Perpetual futures, once a niche crypto product, are now a fast-growing market spanning cryptocurrencies, equities, and commodities.
Extended, led by former Revolut crypto head Ruslan Fakhrutdinov, has processed over $245 billion in trading volume and supports more than 100 perpetual markets. The firm plans to expand into spot trading and tokenized real-world assets.
The moves signal a broader industry race to create an "everything exchange" for financial markets, blurring the lines between brokerages, crypto exchanges, and prediction markets.