Trading platform eToro has agreed to acquire a self-custodial cryptocurrency wallet provider Zingo For $70 million, it was paid primarily in cash, according to Bloomberg. The deal combines eToro’s 40 million registered users with Zengo’s keyless multi-party computing wallet infrastructure – giving the publicly listed broker direct ownership of the custodial layer it previously lacked.
The structural impact extends beyond the announced price. Retail brokerages and fintech platforms are increasingly acquiring custody and wallet infrastructure rather than licensing or partnering with them, a pattern that reflects competitive pressures and the difficulty of building MPC-class crypto systems from scratch.
eToro’s move follows similar expansions by traditional entrants into the finance space, as described in Charles Schwab Introduces Live Trading of Bitcoin and Ethereum to 38.9 million active brokerage accounts – a sign that the regulated bridge to DeFi is now a major competitive battleground.
We got news! Zengo partners with @eToro, the global leader in stock and cryptocurrency trading.
Since our inception in 2018, our mission at Zengo has been to raise the bar and set new standards for cross-chain cryptocurrency custody and economics.
In collaboration with eToro, we will follow… pic.twitter.com/zxbjIgnuQm
— Zengo Wallet (@ZenGo) April 15, 2026
We suspect this acquisition is less about Zengo’s 2 million users and more about what those users represent: proof that a keyless, seed-free wallet can achieve consumer scale. eToro buys structure and evidence simultaneously.
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Zengo Wallet Technology: What Does eToro Actually Capture?
Zengo, founded by CEO Uriel Ohayon, Tal Perry, and Omar Shlomovits in 2018, has built its wallet around multiparty compute cryptography — a design that eliminates the traditional seed phrase by splitting control of the private key across multiple compute parties.
The result is a “keyless” wallet where no point of failure can expose a user’s funds, an important security distinction in an environment where Fraudulent wallet apps continue to drain users’ holdings.
Trading platform acquires cryptocurrency wallet company.
Go from Access → Control.
like @yoniassia It has been suggested that this shift is important. https://t.co/wnwfK7Ckaq
– Praveen Vemulapalli (@praveenveem) April 15, 2026
The company serves more than 2 million individuals and businesses in more than 180 countries, and previously acquired stablecoin-focused wallet Minke to expand its on-chain product surface. Zengo has raised a total of $24 million according to Crunchbase data, including a $20 million Series A in 2021, with Insight Partners and Tether among its investors — making eToro’s $70 million acquisition price a significant multiple of the disclosed funding, which is said to be in the range of eight to ten times annual recurring revenue.
Following the acquisition, Zengo is expected to operate as a standalone product while its full technology stack and development team are integrated into the eToro platform. eToro has indicated near-term integration plans that would open up access to decentralized products — prediction markets, perpetuals, and yield tools — to its existing user base through Zengo’s infrastructure.
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Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
