eToro captures on-chain volume

This is less about adding a wallet and more about turning eToro into a crypto destination that keeps the user, the assets, and the trading activity inside one loop. Zengo gives eToro the self custody rails for products like swaps, staking, prediction markets, and eventually perpetuals, so a customer can move from buying crypto to using it on-chain without sending funds out to MetaMask, Coinbase Wallet, or a separate exchange first.1 2 3 4

• Zengo already provides the core mechanics eToro needs, a self custodial MPC wallet with no seed phrase, plus token swaps, staking, on and off ramps, and access to decentralized applications. That matters because on-chain volume is won at the wallet layer, where users actually sign transactions and move assets.1 3 4
• The revenue logic is simple. Today eToro makes most transaction revenue from spread fees in its brokerage app. Adding on-chain products creates more moments to earn, from crypto trading, wallet conversion, yield, and derivative activity, instead of losing that usage when customers export assets to outside wallets and exchanges.2 5
• A close comparable is Kraken, which has been expanding from exchange into a broader crypto stack with derivatives and adjacent infrastructure. The shared pattern is that exchanges no longer want to be just execution venues. They want to own the wallet, the rails, and the higher frequency activity that sits on top.6 7

The next step is eToro becoming a hybrid brokerage and on-chain app, especially outside the US where it can roll out crypto derivatives and wallet based products faster. If execution goes well, more of the customer journey stays inside eToro, and more of crypto's fastest growing product categories start to look like brokerage features instead of separate destinations.2 6 8