Overview
- eToro said Wednesday it agreed to buy self-custody wallet maker Zengo in a transaction Bloomberg reported at about $70 million, mostly in cash.
- Zengo offers a “keyless” crypto wallet that uses multi-party computation so people avoid seed phrases while keeping control of their funds.
- eToro said Zengo will operate as a separate product from its regulated business, and wallet users will connect directly to third-party protocols for swaps, staking, and other Web3 tools.
- The company said the deal positions it to support tokenized assets and decentralized markets such as prediction platforms and perpetual futures as these products mature.
- The transaction is subject to customary closing conditions, reflecting a wider shift by retail brokers to buy wallet and custody infrastructure rather than rely on partners.