eToro acquires crypto wallet provider Zengo for $70 million
The deal aims to expand digital asset capabilities and support self-custody.
Trading and investment platform eToro is acquiring Israeli startup Zengo for an estimated $70 million. Zengo develops self-custodial crypto wallets and is set to expand eToro’s blockchain operations. The bulk of eToro’s business, which is traded on Wall Street at a valuation of about $3 billion, is in cryptocurrency trading.
The deal combines eToro’s global multi-asset trading platform with Zengo’s non-custodial wallet technology, which allows users to hold and manage their own digital assets without relying on centralized custodians. Zengo’s wallet is based on multi-party computation (MPC) cryptography and uses a “keyless” architecture designed to improve security while simplifying the user experience.
This represents a relatively modest exit for the startup, which has raised $24 million over its lifetime. Investors in the company include Insight Partners, which led the last $20 million funding round in 2021, as well as Samsung Next, Elron, Collider Ventures, and others.
Zengo was founded by Ouriel Ohayon, Tal Be'ery and Omer Shlomovits in 2018. Its wallet enables conversion between digital currencies and fiat currencies, token swaps, staking, and access to decentralized applications, making it one of the more comprehensive self-custody wallet solutions on the market.
eToro said the acquisition will strengthen its ability to support emerging digital asset use cases, including tokenized assets and decentralized trading models such as prediction markets and perpetuals.
“We believe the future of finance will be increasingly digital, decentralized and user-controlled,” said eToro co-founder and CEO Yoni Assia. He added that the deal reflects the company’s long-term approach to building its crypto infrastructure.
Zengo CEO Ouriel Ohayon said the acquisition would allow the company to expand its reach. “Joining eToro allows us to accelerate that mission at a global scale,” he said.
The transaction comes as eToro continues to rely on a diversified trading model. The company said commodities accounted for 60% of its trading commissions in the first quarter of 2026, with trading volumes nearly four times higher year over year.
Following the acquisition, Zengo’s technology is expected to be integrated into eToro’s platform while also continuing to be offered as a standalone product.
