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Digital broker eToro led a $12.5 million funding round into Extended, an onchain perpetual futures exchange founded by former Revolut employees, with Jump Crypto and Alber Blanc also participating. The investment extends eToro's $70 million April acquisition of self-custody wallet Zengo and gives the broker a derivatives engine it plans to wire directly into that wallet so users can trade perps while retaining custody of their assets.
Extended, led by former Revolut crypto head Ruslan Fakhrutdinov, had processed more than $245 billion in trading volume as of June across over 100 perpetual markets, and says it plans to expand into spot trading, tokenized real-world assets and multi-asset collateral. Elad Lavi, eToro's executive vice president of corporate development and strategy, framed the deal as part of a broader push to bring DeFi products to eToro's core platform, citing "growing demand from our users for seamless access to DeFi products."
Why it matters
The deal is the clearest signal yet of how eToro plans to monetize its $70M Zengo bet: not just a custody rail, but a pipeline into onchain derivatives. Integration lets eToro offer perps inside a self-custody wallet, a feature set that sits one step ahead of the broker's current spot and stock offering and one step closer to the all-in-one trading app the rest of the industry is racing to build.
It also lands inside a competitive squeeze. Robinhood rolled out its own blockchain, expanded tokenized stock offerings and said it would extend perps into commodities like gold and oil. Coinbase has moved into perpetual futures, and Kalshi recently entered the perps business. The brokerage, exchange and prediction-market lines are dissolving into a single "everything app" lane, and Extended gives eToro a derivatives counterweight in that race without having to build the matching engine in-house.
Market impact
Perpetual futures have gone from niche crypto product to one of the segment's fastest-growing markets, with venues increasingly listing contracts tied to equities, commodities and real-world assets alongside bitcoin and ether.
Frequently asked questions
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What is Extended and what does it do?
Extended is an onchain perpetual futures exchange founded by former Revolut employees and led by ex-Revolut crypto head Ruslan Fakhrutdinov. It has processed more than $245 billion in trading volume across over 100 perpetual markets as of June.
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How much did eToro invest in Extended?
eToro led a $12.5 million funding round, with Jump Crypto and Alber Blanc also participating. The investment builds on eToro's $70 million acquisition of self-custody wallet Zengo in April.
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How will Extended integrate with eToro and Zengo?
Extended's perpetual futures engine will be integrated directly into the Zengo wallet, letting users trade onchain derivatives while retaining custody of their assets. Broader DeFi products are expected to roll into the core eToro platform over time.
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How does this compare to what Robinhood is doing?
Robinhood recently rolled out its own blockchain, expanded its tokenized stock offering and said it plans to extend perpetual futures into commodities such as gold and oil. The two brokers are racing down similar convergence paths from different starting points.
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Why does this matter for the broader DeFi market?
The deal gives Extended retail distribution through eToro and Zengo, a flow source pure-DeFi venues rarely access. It also sets a precedent for how regulated brokers bridge into onchain derivatives, a structure that will be watched closely across the industry.
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