EToro Announces $70 Million Acquisition of Crypto Wallet Provider Zengo

EToro has entered into an agreement to acquire Zengo, a prominent crypto wallet provider, in a deal reportedly valued at approximately $70 million, aiming to incorporate self-custody tools into its trading platform. By combining eToro's multi-asset investing network with Zengo's non-custodial wallet, users will have greater control over their funds. Zengo's wallet utilizes multi-party computation to secure user assets without relying on a seed phrase, mitigating the risks associated with lost or stolen keys. This acquisition is expected to enable eToro to support emerging crypto use cases, including tokenized assets and decentralized markets. According to eToro's co-founder and CEO, Yoni Assia, this move reflects the company's long-term approach to building and expanding its services. Zengo, founded in 2018, boasts over 2 million global users and offers features such as token swaps, staking, and fiat onramps. The acquisition is subject to closing conditions, with the Zengo wallet set to remain separate from eToro's regulated services.