July 03, 2026 – The broker led a $12.5 million round for perpetual futures venue Extended. Next, it plans to embed onchain derivatives inside its Zengo wallet.
In Summary
eToro led a $12.5 million funding round for onchain perpetual futures exchange Extended.
The broker plans to embed Extended’s derivatives engine inside its Zengo self-custody wallet.
Extended has processed more than $245 billion in trading volume and lists over 100 markets.
The deal lands one day after rival Robinhood launched its own public blockchain.
Digital broker eToro is pushing harder into decentralized finance. The firm led a $12.5 million round for Extended, an onchain perpetual futures exchange. Jump Crypto and Alber Blanc also joined.
This deal marks eToro’s boldest onchain step yet. It also lands as brokers rush to bring blockchain trading to everyday users. So the timing looks far from random.
Extended runs a hybrid trading venue built by ex-Revolut staff. Ruslan Fakhrutdinov, Revolut’s former crypto head, founded it and raised $6.5 million early on. Back then, the project went by the name X10.
eToro trades publicly under the ticker ETOR. So investors can track how this bet plays out. Its shares give the push a public scorecard.
A clearer onchain plan
The new deal sharpens eToro’s Web3 plan. It builds on the firm’s $70 million Zengo wallet deal from April. Read together, both moves point one way.
Next, eToro will plug Extended’s perps engine into the Zengo wallet. So users can trade onchain while they still hold their own keys. This mix pairs broker ease with DeFi control.
Self-custody sits at the heart of the pitch. After the FTX collapse, many traders fear leaving funds on exchanges. So a wallet-based model can ease that worry. In turn, eToro hopes safer rails will pull cautious users onchain.
“We are seeing growing demand from our users for seamless access to DeFi products,” said Elad Lavi. He serves as an eToro executive vice president. Soon, the firm plans to add more DeFi tools to its main app.
Scale is a real edge here. eToro counts roughly 40 million users worldwide. So even light uptake could move big volume onchain.
Why perps matter now
Perpetual futures once sat on the fringe of crypto. Now they rank among the fastest-growing markets around. These contracts never expire. Plus they let traders hold leveraged bets day and night.
Extended shows how fast the space has grown. By June, that venue had cleared more than $245 billion in volume. It also lists over 100 markets. And it offers up to 100x leverage with onchain settlement.
Its lineup now reaches well past crypto. Traders can bet on gold, oil and big stock indexes too. So the wall between crypto and old markets keeps thinning.
This boom is bigger than one firm. Extended’s model runs close to Hyperliquid, a top onchain venue. Dozens of rival perp venues have sprung up since 2024. Still, few have paired with a listed broker like eToro.
Brokers race onchain
Rivals are shifting fast toward blockchain rails. On Wednesday, Robinhood launched its own public blockchain. It also pushed perps into commodities like gold and oil.
Robinhood’s new contracts span crypto, commodities, funds and currencies. Meanwhile, eToro is taking its own path through Extended and Zengo. Both firms want the full onchain stack.
Others chase the same goal. Coinbase has moved into perps already. Kalshi, a prediction market, just entered the business too.
The ‘everything exchange’
Analysts frame the prize as an “everything exchange.” So the lines between brokers, exchanges and betting markets keep blurring.
As trading moves onchain, these lanes overlap more. Robinhood ties tokenized stocks to event bets and commodity perps. eToro, in turn, ties a trusted app to onchain perps.
“Capital markets are increasingly converging with digital asset infrastructure,” said Zengo managing director Ouriel Ohayon.
He added that trading will soon run 24/7, well past the old week. Extended shares that view. “The first phase was building for DeFi natives,” Fakhrutdinov said.
What the deal signals
This Extended bet shows where retail trading is going. First, brokers want assets they can trade at any hour. Second, they want chains that settle fast and clean.
Extended also plans to add spot trading and tokenized real assets. So its path mirrors the wider market shift. For eToro, the deal buys a seat in a hot new arena.
Winners here may reshape how millions trade. Control the wallet, and you steer the flow. That logic drives the current land grab. Each deal and stake buys ground in a fast field.
Yet real risks stay in view. Perps carry heavy leverage and the chance of sharp losses. Watchdogs are also eyeing onchain derivatives more closely. Still, the drive to blend DeFi with brokerage keeps speeding up.
