eToro has become a strategic investor in Extended, an onchain perpetual futures exchange, tying the deal to a coming partnership with Zengo, the self-custody wallet eToro bought earlier this year. Neither company disclosed the investment size in its own statements, though CoinDesk reported the round at $12.5 million. The move follows eToro's roughly $70 million acquisition of Zengo in April and comes as rival brokerages push into onchain trading.
eToro has become a strategic investor in Extended, an onchain perpetual futures exchange, and the round marks the start of a partnership between Extended and Zengo, the self-custody wallet eToro acquired earlier this year, according to a post from Extended on X. Extended said eToro "is now a strategic investor", calling the partnership a step toward connecting traditional financial assets with decentralized trading environments.
Neither eToro nor Extended disclosed the size of the investment, and neither had published a dedicated press release on the deal as of publication. CoinDesk reported the round totaled $12.5 million.
Extended's cross-asset build
Built on Starknet, Extended runs a perpetual futures platform whose founders include ex-Revolut employee Ruslan Fakhrutdinov, the fintech's former crypto head. Its documentation lists more than 100 markets spanning crypto, equities, foreign exchange and commodities — the cross-asset reach eToro said it wants to link to a self-custody wallet.
The investment builds on eToro's acquisition of Zengo, a self-custodial wallet provider, announced in April in a deal Bloomberg and other outlets reported was worth roughly $70 million. eToro said the Zengo deal was meant to accelerate its strategy of connecting traditional finance with onchain infrastructure.
Zengo co-founder and CEO Ouriel Ohayon said joining eToro would expand access to self-custody and onchain finance. Combining Zengo's custody tools with Extended's derivatives engine would let eToro offer onchain perpetuals trading to wallet holders who retain control of their own assets.
Brokers race into onchain trading
Robinhood this week launched the public mainnet of Robinhood Chain, its own Arbitrum-based Layer 2 for financial services and real-world assets, as brokers race to build out onchain product suites beyond simple crypto spot trading. The move places eToro alongside other retail brokerages pushing into onchain markets.
Source: The Defiant
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