Digital brokerage platform eToro has agreed to buy Zengo, a self-custodial crypto wallet provider, in a deal valued at about $70 million, according to a Wednesday announcement and a source familiar with the terms cited by Bloomberg.
The acquisition is part of eToro’s strategy to expand digital asset offerings and strengthen its link between traditional finance and on-chain infrastructure.
Zengo will continue operating its secure crypto wallet under eToro, serving millions of users while expanding its capabilities in digital assets and financial services.
Commenting on the move, Yoni Assia, eToro’s co-founder and CEO, said it would help accelerate the company’s growth and broaden user access options.
Established in 2018, Zengo leverages multi-party computation (MPC) cryptography to deliver a keyless, self-custodial experience aimed at improving both security and usability.
The platform provides an integrated offering that spans fiat on- and off-ramps, token swaps, staking and decentralized application access, and is widely regarded as a full-service consumer wallet in the digital asset space.
The deal will bring together eToro’s global multi-asset investment platform with Zengo’s non-custodial wallet technology, supporting continued development of digital asset services and expanding access to emerging on-chain products.
eToro said the deal will enhance its ability to support tokenized assets and decentralized trading products such as prediction markets, perpetuals, and yield-based instruments as these markets mature.
Source: https://cryptobriefing.com/etoro-acquires-zengo-deepens-digital-strategy/
