eToro Acquires Crypto Wallet Startup Zengo in $70 Million Deal
April 16, 2026 — eToro, the global investment platform known for enabling users to trade stocks and cryptocurrencies, has announced the acquisition of cryptocurrency wallet startup Zengo for approximately $70 million. This deal marks eToro’s first acquisition since going public last year and signifies a strategic move to enhance its digital asset offerings.
Strengthening Digital Asset Capabilities
The transaction is expected to be mostly cash-based and aims to deepen eToro’s footprint in the digital asset sector. While eToro already provides trading services for both stocks and cryptocurrencies, acquiring Zengo will expand the company’s capabilities in how customers store and manage their crypto holdings.
Yoni Assia, eToro’s CEO, highlighted the growing convergence between traditional capital markets and crypto markets, noting the importance of transferring and tokenizing assets 24/7 globally. Assia stated in an interview, “Capital markets are suddenly copying crypto markets, moving 24/7. We believe the transferability in tokenising those assets is a big step forward as well. By strengthening our DeFi capabilities, we’ll be able to converge between capital markets and crypto native markets in a much better way globally.”
About Zengo
Founded in 2018, Zengo specializes in developing self-custodial wallets, which allow users to hold and manage their cryptocurrency assets independently without relying on third-party custodians. The company has raised approximately $24 million to date and is led by co-founder Ouriel Ohayon.
Self-custodial wallets are considered an essential element in the decentralized finance (DeFi) space, providing enhanced security and control over digital assets, attributes that align well with eToro’s vision to innovate in the crypto domain.
eToro’s Financial Position and Future Outlook
eToro currently boasts a market valuation exceeding $3 billion, though its stock price remains below the levels seen shortly after its initial public offering (IPO). The company reported having around $1.3 billion in cash and cash equivalents at the end of the previous year, bolstered by nearly $620 million raised during its May IPO, according to Bloomberg.
With the acquisition of Zengo, eToro aims to diversify its platform and offer a more comprehensive suite of digital asset products. This strategic move is expected to position eToro competitively as it navigates the expanding intersection of traditional finance and cryptocurrency markets.
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