eToro has agreed to buy Zengo for $70M to deepen its digital asset strategy.

Digital brokerage platform eToro has agreed to buy Zengo, a self-managed crypto wallet provider, in a deal valued at $70 million, according to a Wednesday announcement and a source familiar with the terms cited by Bloomberg.

The acquisition is part of eToro's strategy to expand digital asset offerings and strengthen the relationship between traditional finance and on-chain infrastructure.

Zengo continues to operate a secure crypto wallet under eToro, serving millions of users while expanding its capabilities in digital assets and financial services.

Yoni Asia, founder and CEO of eToro, commented on the move, saying it will help accelerate the company's growth and expand access options for users.

“We believe that the future of finance will be increasingly digital, decentralized and under the control of users. Self-sustainability is an important part of evolution. Zengo has built an innovative and reliable wallet experience,” Asia said.

In the year Founded in 2018, Zengo offers a keyless and self-managed experience that aims to improve both security and usability by using multi-party computing (MPC) encryption.

The platform offers an integrated offering that includes fiat on- and off-ramps, token swaps, staking and decentralized app access, and is widely regarded as a full-service consumer wallet in the digital asset space.

“Since our launch in 2018, Zengo's mission has been to raise the bar and set new standards for crypto security and the on-chain economy,” said Zengo CEO Oriel Ohioan. “As crypto and traditional finance increasingly intertwine, together with eToro we pursue that mission and take it to the next level.”

The agreement connects eToro's global multi-asset investment platform with Zengo's wallet technology, supporting the continued development of digital asset services and expanding the reach of emerging on-chain products.

Etoro said the deal will enhance its ability to support tokenized assets and decentralized trading products such as prediction markets, perpetual and commodity-based instruments as these markets develop.