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 combining EToro's multi-asset trading network with Zengo's cutting-edge non-custodial wallet, users will benefit from enhanced control over their funds. Zengo's innovative use of multi-party computation (MPC) eliminates the need for seed phrases, thereby reducing the risks associated with lost or stolen keys. This acquisition is expected to support the development of 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 commitment to building and growth. Founded in 2018, Zengo boasts over 2 million global users and offers a range of features, including token swaps, staking, and fiat onramps. The Zengo wallet will operate independently of EToro's regulated services, allowing users to interact directly with third-party protocols. The acquisition is subject to closing conditions, with terms of the deal not being publicly disclosed, although reports suggest it is worth around $70 million.