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eToro's Crypto Revenue Falls 30%, Expands US Business via TradeZero Deal

Guavy AI Editorial Team
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eToro's cryptocurrency revenue fell by about 30% in its second quarter compared to last year. The platform also reported a decline in crypto trading activity, with the number of trades in July dropping 73% and investment volume decreasing by 50%. Despite this, eToro is expanding its US business through acquisitions.

The company announced plans to acquire TradeZero as part of its expansion into the US market. TradeZero generated $80 million in revenue over the past year and has a gross margin of 81%. This move follows eToro's recent acquisition of self-custodial crypto wallet company Zengo.

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