eToro is making a bigger push into the crypto infrastructure layer. The trading and investing platform said Wednesday that it has entered into an agreement to acquire Zengo, a self-custodial crypto wallet provider, in a deal that is designed to deepen eToro’s digital asset business and strengthen its link between traditional finance and on-chain markets. The transaction is still subject to customary closing conditions.

The move comes as eToro looks beyond simple crypto trading and into the broader world of blockchain-based financial products. In its announcement, the company said the acquisition will combine its global multi-asset platform and distribution network with Zengo’s non-custodial wallet technology, with the goal of supporting future products such as tokenized assets and decentralized trading models like prediction markets and perpetuals. eToro said there will be no immediate impact on users, but it expects to integrate the two products more closely over time.

Bloomberg reported that the deal is worth about $70 million and is mostly being paid in cash, citing a person familiar with the matter. Bloomberg also said the acquisition reflects eToro’s effort to expand further into decentralized finance, while Zengo’s wallet lets users swap between tokens and fiat currencies, stake assets, and access DeFi applications. eToro did not disclose financial terms in its official announcement.

Strengthening Crypto Offering

For eToro, the appeal is not just about adding another crypto product. The company framed the acquisition as part of a wider strategy to connect traditional finance with crypto-native infrastructure. Yoni Assia, eToro’s co-founder and CEO, said the future of finance will be “increasingly digital, decentralized and user-controlled,” and called self-custody an important part of that shift. He said Zengo’s wallet experience gives eToro a way to accelerate growth while still giving users more choice in how they access digital assets.

Zengo brings a different kind of wallet technology to the table. Founded in 2018, the company is known for its use of multi-party computation, or MPC, cryptography, which avoids the traditional seed-phrase model many crypto users still rely on. eToro described Zengo as a keyless wallet architecture built to improve security while making self-custody easier for everyday users. The wallet also offers on- and off-ramps, token swaps, staking, and access to decentralized apps, making it one of the more full-featured consumer self-custody products in the market.

Zengo’s leadership also cast the deal as a growth moment. Ouriel Ohayon, the company’s co-founder and CEO, said joining eToro would allow Zengo to scale its self-custody mission globally and connect it to a broader investing ecosystem that bridges traditional and on-chain finance. The official materials say Zengo serves more than 2 million users across 180-plus countries.

The acquisition lands at a moment when platforms are racing to build more complete crypto stacks rather than relying only on brokerage-style trading. eToro said the addition of Zengo’s team and technology will help it play a leading role in the shift toward an on-chain world, especially as markets for tokenized assets and decentralized products continue to develop. For now, though, the company is asking users to think of this as a strategic step rather than an immediate product overhaul.

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