eToro Reaches $70 Million Deal to Acquire Zengo Crypto Wallet

In a significant move, eToro has entered into an agreement to acquire Zengo, a crypto wallet provider, for a reported $70 million. This deal aims to bring self-custody tools to eToro's trading platform, combining its multi-asset investing network with Zengo's non-custodial wallet technology. A non-custodial wallet enables users to have direct control over their funds by managing the wallet keys themselves. Zengo's wallet utilizes multi-party computation (MPC) to secure user funds 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. 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, established in 2018, offers a range of features such as token swaps, staking, and fiat onramps, with over 2 million users worldwide. Following the acquisition, Zengo's wallet will operate separately from eToro's regulated services, allowing users to interact directly with third-party protocols.