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eToro becomes strategic investor in onchain perpetual exchange Extended
The funding round also kicks off a partnership with Zengo, the self-custody wallet eToro acquired earlier this year, aiming to pair wallet custody with Extended's onchain perpetuals.
eToro has taken a strategic stake in Extended, an onchain perpetual futures exchange built on Starknet, and the investment round is set to launch a partnership between Extended and Zengo, the self-custody wallet eToro acquired earlier this year, according to The Defiant.
The outlets said neither eToro nor Extended disclosed the investment size in their own statements, while CoinDesk reported the round totaled $12.5 million. Extended operates a decentralized exchange with more than 100 markets spanning crypto, equities, foreign exchange, and commodities, according to its documentation.
The deal builds on eToro’s earlier Zengo acquisition, announced in April and reported by Bloomberg and other outlets as roughly $70 million. eToro said the Zengo transaction was intended to accelerate its strategy of linking traditional finance with on-chain infrastructure, while Zengo co-founder and CEO Ouriel Ohayon said joining eToro would expand access to self-custody and on-chain finance.
By combining Zengo’s custody with Extended’s derivatives engine, the companies aim to let eToro offer onchain perpetuals to wallet users who keep control of their own assets, placing eToro among retail brokerages expanding beyond spot crypto trading into onchain products. The Defiant also noted Robinhood’s launch of the public mainnet of Robinhood Chain as brokers compete to build out onchain trading suites.