eToro Leads $12.5M Round in Perpetual Futures Platform Extended

Extended was founded by a team that previously built crypto products at Revolut. Its exchange runs on a non-custodial model, meaning users retain control of their private keys while trading. That design aligns with the self-custody pitch of Zengo and avoids the counterparty risk that comes with depositing assets on a centralized venue.

The timing lines up with a broader push by digital brokerages into blockchain-based trading infrastructure. Robinhood on Wednesday unveiled its own blockchain, expanded its tokenized stock offering, and said it plans to extend its perpetual futures business beyond crypto into commodities like gold and oil. eToro's move into onchain perpetuals via Extended mirrors that ambition, though through a partnership rather than building its own chain.

For traders, the integration means a new venue for perpetual futures that does not require moving assets off a self-custodial wallet. That could appeal to users who want leverage and 24/7 trading but do not want to trust a centralized exchange with their coins. The catch is that onchain perpetuals still face liquidity fragmentation and higher gas costs on busy networks. Extended's ability to attract volume will determine whether the product becomes a real alternative or a niche add-on.

eToro said it plans to introduce a broader range of DeFi products within its main platform over time. No timeline has been set for the Zengo integration.