US EditionEToro to Acquire Crypto Wallet Zengo in $70 Million Deal to Expand Self-Custodial Services
The deal will keep Zengo separate from eToro’s regulated services while expanding support for tokenized assets and decentralized trading products.
- On Wednesday, Israel-based trading platform EToro announced an agreement to acquire Zengo, a self-custodial crypto wallet provider, in a deal Bloomberg reported is valued at around $70 million.
- Zengo, also based in Israel, raised a $20 million Series A financing round in 2021, backed by venture capital investors including Insight Partners, MoonPay Ventures, and Tether.
- Zengo utilizes multi-party computation, or MPC, to secure user funds without a seed phrase, while its wallet will remain separate from EToro's regulated services.
- CEO Yoni Assia said, "Crypto downtimes are the time to build," as the deal enhances EToro's ability to support tokenized assets and decentralized trading products.
- The acquisition remains subject to closing conditions, while Zengo brings more than 2 million users globally and features including token swaps and staking to EToro's platform.
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eToro to Acquire Self-Custodial Crypto Wallet Zengo in $70 Million Deal
eToro agrees to acquire the self-custodial crypto wallet Zengo for $70M, merging MPC keyless technology with its multi-asset platform to expand its digital asset capabilities. The post eToro to Acquire Self-Custodial Crypto Wallet Zengo in $70 Million Deal appeared first on CoinGape.
eToro Buys Zengo for $70M, Moves to Dominate Self-Custody Crypto Services
eToro has acquired crypto wallet startup Zengo in a deal worth about $70 million. The recent acquisition brings eToro’s global trading platform with Zengo’s self-custody wallet technology. It also helps create a stronger push into decentralized finance and user-controlled digital assets.The company, which is currently led by CEO Yoni Assia, is looking to expand beyond trading into deeper blockchain infrastructure. The company, valued at around $…
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