eToro Acquires Self-Custody Wallet Firm Zengo for $70 Million

Online investment platform eToro has announced the acquisition of crypto self-custody wallet developer Zengo. The deal is valued at $70 million. The acquisition is seen as part of eToro's strategy to expand its services in crypto asset management and security. Zengo's user-friendly, keyless wallet technology will be integrated into eToro's existing product range. The transaction aims to meet the growing demand for security and asset control in the crypto market. Zengo's technology allows users to store their cryptocurrencies under their own control, rather than holding them on third-party exchanges. This move strengthens eToro's presence in the crypto ecosystem while aiming to broaden the bridge between traditional finance and decentralized finance (DeFi). The company plans to offer its users a more comprehensive and secure asset management experience. While financial details were not fully disclosed, the purchase is noted to align with eToro's overall growth plans. Market observers predict that similar strategic acquisitions may continue in the industry. Not investment advice.