EToro Announces $70 Million Acquisition of Zengo Crypto Wallet

In a move to expand its self-custody capabilities, eToro has entered into an agreement to acquire Zengo, a prominent crypto wallet provider, in a deal reportedly valued at approximately $70 million. 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 seed phrases, thereby reducing the risks associated with lost or stolen keys. This acquisition will enable eToro to support emerging crypto use cases, including tokenized assets and decentralized markets. According to eToro's co-founder and CEO, Yoni Assia, this acquisition reflects the company's long-term approach to building and growing during crypto downtimes. Zengo, which was founded in 2018, offers a range of features such as 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.