$12.5M led by eToro, with Alber Blanc and Jump Crypto in the round, puts a retail broker's distribution next to a perp DEX built around one-margin accounts. Zengo gives them self-custody onboarding, but the hard boundary is still regulation: eToro USA's 2024 SEC settlement left U.S. users with BTC, BCH and ETH trading only. The flow has to prove it can leave CFD-style wrappers and land on Extended's Starknet/Ethereum-secured stack with up to 100x leverage.

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