eToro Leads $12.5 Million Funding Round for On-Chain Perpetuals Exchange Extended

EToro has led a funding round for Extended, an on-chain perpetual futures exchange.

The Block reported on July 2 that eToro led Extended’s $12.5 million strategic funding round. Jump Crypto and several other investors also participated.

The investment is linked to a partnership with self-custody wallet service Zengo, which eToro acquired earlier this year. In a post on X, the company said it would pursue opportunities to broaden access to global financial markets through next-generation on-chain infrastructure and connect traditional financial assets with decentralized trading venues. Bloomberg reported at the time of the acquisition that Zengo was valued at about $70 million.

Extended was founded by former Revolut employees. The exchange began trading in late 2024 and is built on StarkWare’s on-chain scaling engine, StarkEx.

EToro generated $13 million in revenue from its crypto business in the first quarter. That was about 5% of total net trading income of $258 million, down sharply from $46 million a year earlier.