eToro acquires crypto wallet startup Zengo for $70 million, expanding its custody and self-custody product offerings.
Ecosystem ·
eToro has acquired Zengo, a crypto wallet startup, in a $70 million deal aimed at expanding self-custody capabilities across its platform. The acquisition brings keyless wallet technology to eToro's user base of 40 million, according to Bloomberg.
The deal reflects a strategic move to bridge traditional finance with on-chain infrastructure. eToro's official announcement frames the acquisition as an expansion of its digital asset and custody offerings, integrating Zengo's self-custody wallet technology into eToro's existing ecosystem. This positions the platform to offer both custodial and non-custodial options for cryptocurrency users.
The specifics of how Zengo's technology will be integrated into eToro's interface and whether all 40 million users will have access to the keyless wallet feature remain unclear. Likewise, details on the timeline for integration and any standalone development of Zengo as a separate product have not been disclosed.