Digital brokerage platform eToro has agreed to buy Zengo, a self-sustaining crypto wallet, in a deal valued at around $70 million, according to an announcement on Wednesday by a source well cited by Bloomberg.
The acquisition is part of eToro’s strategy to expand its digital offering and strengthen its link between traditional finance and chain infrastructure.
Zengo will continue to operate 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, founder and CEO of eToro, said it will help expand the company’s growth and increase user experience.
“We believe the future of finance will be digital, decentralized and user-driven. Privacy is an important part of that evolution. Zengo has created a modern and secure wallet experience,” said Assia.
Launched in 2018, Zengo uses multi-dimensional computation (MPC) to provide seamless, self-contained information aimed at improving security and usability.
The platform offers an integrated offering that includes fiat on- and off-ramp, token swaps, staking and decentralized application access, and is widely regarded as the all-in-one consumer wallet in the digital space.
“Since our inception in 2018, our mission at Zengo has been to raise the bar and set new standards for crypto storage and the on-chain economy,” said Ouriel Ohayon, CEO of Zengo. “Together with eToro, we will fulfill this mission and take it forward where cryptocurrencies and culture are closely related.”
The partnership will combine eToro’s global multi-asset trading platform with Zengo’s non-wallet technology, helping to improve digital services and expand access to emerging products.
eToro said the partnership will enhance its ability to support automated trading and historical trading such as prediction markets, derivatives, and derivatives as these markets mature.
