EToro Announces $70 Million Acquisition of Crypto Wallet Provider Zengo

In a significant move, EToro has entered into an agreement to acquire Zengo, a leading crypto wallet provider, in a deal reportedly valued at approximately $70 million. By integrating Zengo's self-custody solutions into its trading platform, EToro aims to provide users with enhanced control over their assets. The acquisition combines EToro's multi-asset investing network with Zengo's non-custodial wallet, allowing users to maintain direct control over their funds. Zengo's innovative use of multi-party computation (MPC) eliminates the need for seed phrases, thereby reducing the risk of lost or stolen keys. This strategic acquisition is expected to support EToro's expansion into emerging crypto use cases, including tokenized assets and decentralized markets. According to Yoni Assia, co-founder and CEO of EToro, this acquisition reflects the company's long-term approach to building and growth. Founded in 2018, Zengo offers a range of features, including token swaps, staking, and fiat onramps, with over 2 million users worldwide. The Zengo wallet will operate independently of EToro's regulated services, enabling users to interact directly with third-party protocols. The acquisition is subject to customary closing conditions, with the terms of the deal not being publicly disclosed, although reports suggest it is worth around $70 million.