eToro has agreed to acquire crypto wallet startup Zengo in a deal worth around $70 million, marking its first acquisition since going public last year.

The transaction, expected to be mostly in cash, is aimed at strengthening eToro’s digital asset offering. The company already allows users to trade stocks and cryptocurrencies, and the addition of Zengo will expand how customers store and manage their crypto.

“Capital markets are suddenly copying crypto markets, moving 24/7. We believe the transferability in tokenising those assets is a big step forward as well,” Assia said in an interview. “By strengthening our DeFi capabilities, we’ll be able to converge between capital markets and crypto native markets in a much…