AI · CoinDesk
EToro backs onchain derivatives service Extended as brokers race into DeFi
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Digital broker eToro (ETOR) is doubling down on decentralized finance (DeFi) as online brokerages race to bring blockchain-based trading to mainstream investors.
Key facts
- Led by former Revolut crypto head Ruslan Fakhrutdinov, Extended had processed more than $245 billion in trading volume as of June and supports more than 100 perpetual markets, according to the company
- 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
- The investment builds on eToro's $70 million acquisition of self-custody wallet Zengo, announced in April, and offers a clearer picture of the company's onchain strategy
- Capital markets are increasingly converging with digital asset infrastructure," Zengo managing director Ouriel Ohayon, said in a statement
Summary
Digital broker eToro led a $12.5 million funding round for onchain derivatives platform Extended, a startup led by Revolut's former crypto head, and plans to integrate perpetual futures into crypto wallet Zengo. The investment is part of a broader strategy to bring DeFi products to its users, eToro executive VP Elad Lavi said. The move comes as rival Robinhood expands its own blockchain ambitions with tokenized stocks and perpetual futures, while the lines between crypto exchanges, prediction markets and traditional brokerages increasingly blur. 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.