eToro buys Zengo wallet in $70 million self-custody push
Investment platform eToro announced a $70 million acquisition of Zengo, a cryptocurrency wallet that lets users control their own coins. This purchase signals that eToro wants to offer customers the ability to hold crypto without relying on the company to safeguard it. Self-custody wallets are becoming increasingly important because they give users full control over their assets. eToro has traditionally held crypto on behalf of customers, but this deal shows the company recognizing demand for alternatives. The Zengo founder and eToro's CEO also predicted bitcoin could eventually reach $250,000, though this is a personal opinion not a company forecast. This acquisition means more mainstream investors will have easier access to self-custody options.
Why it matters
Self-custody means you control your own crypto keys instead of trusting a company to hold them. When major platforms like eToro offer this, it makes self-custody safer and easier for regular people, giving you more control over your money.
