eToro plans to acquire cryptocurrency wallet Zengo for approximately $70 million.

Multi-asset trading platform eToro has agreed to acquire crypto wallet provider Zengo for approximately $70 million, aiming to integrate the self-custodied tool into its multi-asset investment platform. Zengo is a non-custodial wallet that uses multi-party computation (MPC) technology and eliminates mnemonic phrases, giving users direct control over their private keys to reduce the risk of key loss or theft. eToro states that this move will support new use cases such as tokenized assets, decentralized trading, prediction markets, and perpetual contracts. Founded in 2018, Zengo currently has over 2 million users. Its wallet will operate independently of eToro's regulated operations, and users will interact directly with third-party protocols. The transaction is still subject to settlement conditions.