eToro reportedly to buy crypto wallet Zengo for about $70 million

Deal details

It has been reported that Tel Aviv-based eToro has agreed to acquire crypto wallet startup Zengo for roughly $70 million, mostly in cash. The move was first detailed by Bloomberg and circulated on Techmeme; neither company has, as of this report, put out a full public confirmation. Zengo, which allows users to swap between tokens and fiat inside its wallet, gives eToro an in-house route to bolster custody and on‑ramp functionality.

Strategic rationale

Why buy a wallet maker? Simple: control the rails. eToro has built a retail trading brand that straddles stocks and crypto — adding Zengo’s wallet tech can shorten the path from browsing to transacting and keep users inside its ecosystem. It’s also a quick way to add non‑custodial or enhanced-wallet options (and the developer talent that comes with them) without building from scratch.

Bigger picture

This deal, if completed, is another sign of consolidation in the crypto world as firms hunt for scale and product depth after the market’s recent shakeouts. For founders and engineers at smaller startups, acquisitions can feel like both validation and a safety net. For users? Expect tighter integration between trading and self‑custody features — and, likely, more choices about how you hold and move crypto.

Sources: bloomberg.com