eToro Announces $70 Million Acquisition of Zengo Crypto Wallet

In a deal reportedly valued at approximately $70 million, eToro has agreed to acquire Zengo, a crypto wallet provider, to integrate 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, reducing the risk associated with lost or stolen keys. This 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 move, reflecting 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 acquisition is subject to closing conditions, with the Zengo wallet set to remain separate from eToro's regulated services.