eToro Announces $70 Million Acquisition of Zengo Crypto Wallet

eToro has entered into an agreement to acquire Zengo, a prominent crypto wallet provider, in a deal reportedly valued at approximately $70 million. This move integrates self-custody solutions into eToro's trading platform. By pairing 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, thereby reducing the risks associated with lost or stolen keys. The acquisition is expected to support emerging crypto use cases, including tokenized assets and decentralized markets. eToro's co-founder and CEO, Yoni Assia, views this acquisition as a strategic step in the company's long-term growth plan. 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, allowing users to interact directly with third-party protocols.