eToro Group has entered into an agreement to buy crypto wallet startup Zengo, as the investment and trading platform looks to expand its digital asset offering.

According to a Bloomberg report, the transaction is valued at around $70m and is largely cash-based.

Zengo, founded in 2018, focuses on multi-party computation (MPC) cryptography and provides a self-custodial crypto wallet. The product is used to buy, sell, swap and manage cryptocurrencies. It also supports token-to-fiat swaps, staking and access to decentralised finance applications.

In a statement, eToro said the deal will combine its multi-asset platform and distribution with Zengo’s non-custodial wallet technology. The company said this will support Zengo’s…