Trading and investment platform eToro has agreed to acquire Zengo, a self-custodial crypto wallet provider, for approximately $70 million. The acquisition is intended to deepen eToro's digital asset capabilities and connect its traditional finance platform with on-chain infrastructure. Zengo, founded in 2018, is known for its keyless wallet architecture which utilizes multi-party computation (MPC) technology and serves over 2 million users.
The deal will integrate Zengo's non-custodial wallet technology into eToro's platform. This will allow eToro to better support emerging digital asset use cases, such as tokenized assets, decentralized trading, and prediction markets. The transaction is subject to customary closing conditions.