eToro
Crypto business line
Stakeholder operating view
Updated June 29, 2026
Owner view: Gili / business-line sponsor
Know Better.

One view of every crypto effort.

A single operating page for what is being worked on, who owns it, where it stands, and what decision is needed next.

01

Zengo onchain strategy.

The new deck reframes Zengo as eToro's unified onchain growth stack, not a separate wallet project. The operating question is how Zengo powers mobile, agentic, and embedded wallet surfaces while connecting activation, redemption, retention, and revenue.

Strategic role

One stack beneath every wallet surface.

Zengo should become the common layer for security, identity, signing, policy, recovery, self-custody, onchain banking, and trusted DeFi access across eToro Core, agentic wallets, and embedded wallet journeys.

Ouriel paper

Zengo is the onchain growth strategy.

The paper is now treated as a source document for the business line: convert the thesis into owners, milestones, metrics, decisions, and an operating cadence for product, R&D, risk, growth, and commercial teams.

Restricted board targets

Measure the growth engine, not installs.

The board-level ambition is funded wallets, onchain AUM, recurring revenue, membership adoption, and B2B/Treasury scale. Exact confidential targets stay out of the unauthenticated build until access control is confirmed.

Growth flywheel

Redeem everything onchain.

Buy in eToro, create or fund Zengo, redeem coins, cash, and eventually tokenized assets into Zengo, then use financial services, membership, and social context to compound retention.

Distribution and activationCreate funded Zengo users inside onboarding, portfolio, transfer, redemption, mobile, agentic, and embedded flows.
Global onchain bankingStablecoin balances, payments, remittances, card rails, and local on/off ramps.
Asset expansionTokenized treasuries, funds, equities where permitted, RWAs, and curated staking.
Financial servicesEarn, borrow, swap, spend, protect, and transfer inside a trusted onchain account.
AI native financePortfolio agents, transaction intent checks, plain-English warnings, and personalized Zengo actions.
Security and wealth protectionKeyless security, recovery, inheritance, alerts, insurance options, risk controls, and policy layers.
Unified membershipZengo Pro, eToro Club benefits, limits, support, protection, and yield access in one ladder.
B2B and TreasuryWallet infrastructure, treasury custody, policy controls, and stablecoin operations for enterprise clients.
02

Effort tracker.

The first version keeps unconfirmed owners as TBD and makes the next operating question visible.

Effort What it is Prime Biz Owner Product Manager R&D Status Next step Decision needed
03

What we have / gaps.

eToro has a strong brokerage-style crypto stack today. The gap to a default crypto plus DeFi app is self-custody, native Web3 execution, liquidity routing, yield breadth, and advanced crypto primitives.

Crypto trading

Market-dependent crypto inventory, 24/7 trading, and crypto inside the broader eToro multi-asset portfolio.

Wallet layer

Deposit, hold, send, receive, sell, and movement between the investment account and wallet where supported.

Earn and accumulation

Staking on eligible assets and recurring crypto investments, with availability varying by region.

Social investing

CopyTrader and crypto-focused Smart Portfolios give eToro a differentiated social and managed-exposure layer.

Structured exposure

Crypto Smart Portfolios provide diversified exposure, but remain investment wrappers rather than native onchain journeys.

Speculative products

Crypto CFDs remain relevant for leverage and speculation in eligible markets, separate from owning and composing onchain assets.

Custody model

The current wallet is described as custodial, with important transfer constraints versus DeFi-native wallets.

GoodWallet path

GoodWallet and agent-wallet work can become the bridge to self-custody, DeFi, tokenization, and prediction markets.

Zengo path

Zengo can unify self-custody, security, signing, policy, recovery, onchain banking, and embedded wallet surfaces.

Capability area What eToro has Gap to crypto + DeFi default Competitive urgency Suggested owner area What to do next
04

Operating focus.

The management job is ownership clarity, delivery movement, and fast surfacing of decisions.

Owner gaps
Decisions
Risks