eToro Acquires DeFi Wallet Startup Zengo for $70 Million to Expand Crypto Product Suite
Summary
eToro Group has agreed to acquire Zengo, a non-custodial crypto wallet provider, for approximately $70 million in a predominantly cash deal, the company announced Tuesday, marking a significant push by the publicly listed trading platform into decentralized finance.
The acquisition gives eToro direct access to Zengo’s core infrastructure — a wallet that lets users swap tokens for fiat currencies, stake assets, and connect to DeFi applications. For a platform that built its brand on simplified retail investing, folding in a self-custody wallet signals a deliberate shift toward on-chain, user-controlled finance. The move also arrives as capital markets increasingly adopt crypto-native features such as round-the-clock trading and tokenized assets, trends eToro appears to be positioning itself to capture.
CEO Yoni Assia said the deal will allow eToro to offer customers access to prediction markets, perpetual futures, lending, and tokenized asset connectivity. “By strengthening our DeFi capabilities, we’ll be able to converge between capital markets and crypto native markets in a much better way globally,” Assia said.
eToro entered 2026 with approximately $1.3 billion in cash and equivalents, bolstered by its $620 million IPO last May. In September, the company stated it would pursue more ambitious M&A targets, including deals to expand asset classes and geographic reach. The Zengo transaction is the clearest execution of that strategy to date.