EToro invests in onchain derivatives platform Extended as brokers race into DeFi
Digital broker eToro (ETOR) is doubling down on decentralized finance (DeFi) as online brokerages race to bring blockchain-based trading to mainstream investors. The company led a $12.5 million funding round for Extended, an onchain perpetual futures exchange founded by former employees of London-based fintech Revolut. Jump Crypto and Alber Blanc also participated in the round. The investment builds on eToros $70 million acquisition of self-custody wallet Zengo, announced in April, and offers a clearer picture of the companys onchain strategy. “We are seeing growing demand from our users for seamless access to DeFi products,” Elad Lavi, eToros executive vice president of corporate development and strategy, told CoinDesk. “Our recent acquisition of Zengo and our investment in Extended are key parts of our strategy to meet this demand and expand our Web3 ecosystem.” EToro plans to integrate Extendeds perpetual futures engine directly into the Zengo wallet, giving users access to onchain derivatives while retaining custody of their assets. Over time, the company plans to bring broader DeFi products into the core eToro platform, Lavi said. The race for onchain trading The move comes as competition among digital brokerages is shifting toward blockchain-based trading infrastructure. On Wednesday, rival broker Robinhood rolled out its own blockchain, expanded its tokenized stock