eToro Acquires Zengo for $70M, Expanding Blockchain Infrastructure

eToro, a leading global trading platform, has made a significant move in the crypto space by acquiring Zengo, a cutting-edge crypto wallet startup. The deal, worth around $70 million, marks eToro's entry into deeper blockchain infrastructure.

Founded in 2018, Zengo has developed a robust self-custody wallet that enables users to securely store and manage their cryptocurrencies without relying on centralized platforms. Its innovative use of multi-party computation (MPC) reduces the risk of hacks and losses associated with traditional private keys.

The integration of Zengo's technology into eToro's platform will enable users to access a wide range of features, including token swaps, staking, fiat conversions, and unlimited access to decentralized applications. This move is seen as a strategic step towards creating a more user-centric and decentralized financial ecosystem.