eToro Buys the 'Not Your Keys' Dream: Zengo Acquisition Lands at ~$70M

Retail trading platform eToro just pulled a spicy move by acquiring crypto wallet Zengo—because apparently, the "not your keys, not your cheese" crowd finally got corporate's attention.

The deal, estimated around $70 million, pairs eToro's multi-asset investing network with Zengo's non-custodial wallet. Zengo uses multi-party computation (MPC) to secure funds without a seed phrase—a design aimed at reducing risks from lost or stolen keys. For those who've ever written down their seed phrase on a sticky note and immediately lost it, this tech is basically a gift from the crypto gods.

Founded in 2018, Zengo boasts token swaps, staking, and fiat onramps, serving over 2 million users globally. The wallet will remain separate from eToro's regulated services, with users interacting directly with third-party protocols. Think of it as Zengo staying rebellious while daddy eToro watches from across the room.

The acquisition targets growth in tokenized assets and decentralized trading models, including prediction platforms and perpetual futures. Basically, eToro wants to be wherever degenerate gamblers congregate next.

"As we often say, crypto downtimes are the time to build and this acquisition reflects that long-term approach," said eToro co-founder and CEO Yoni Assia. Which is a fancy way of saying: we're buying the dip, baby.

The deal is subject to closing conditions,