eToro acquires keyless wallet startup Zengo for $70M, bringing self-custody to its 40M-user platform

eToro is buying Zengo, the MPC-based keyless wallet with 2M+ users and zero hacks since its 2018 launch, for $70M according to Bloomberg. The deal gives eToro's 40M-user brokerage a self-custody stack to expand into tokenized assets, prediction markets, and perpetuals — a clear signal the CeFi giant sees onchain infrastructure as table stakes. Zengo's multi-party computation architecture eliminates seed phrases entirely, which could be a meaningful UX unlock if properly integrated across eToro's retail user base.

TLDR by @Benthic

More coverage

• eToro to Acquire Zengo in $70M Self-Custody Push | MEXC News (mexc.com)
• Strategic EToro Acquisition of Zengo Wallet for $70M ... - Binance (binance.com)
• Strategic eToro Acquisition of Zengo Wallet for $70M Transforms ... (cryptorank.io)
• eToro to Acquire Self-Custodial Crypto Wallet Zengo in $70 Million ... (coingape.com)
• eToro Acquires Zengo for $70M to Expand Crypto Self-Custody ... (cryptotimes.io)

Explore the topic

• Wallet
• Acquisition