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eToro backs Extended
Digital broker eToro led a $12.5 million funding round for Extended, an onchain perpetual futures exchange founded by former employees of London-based fintech Revolut, with Jump Crypto and Alber Blanc also participating.
“eToro led a $12.5 million funding round for Extended”
The investment builds on eToro’s $70 million acquisition of self-custody wallet Zengo, announced in April, and eToro plans to integrate Extended’s perpetual futures engine directly into the Zengo wallet.
CoinDesk reported that Extended had processed more than $245 billion in trading volume as of June and supports more than 100 perpetual markets, according to the company.
eToro executive vice president of corporate development and strategy Elad Lavi said, "We are seeing growing demand from our users for seamless access to DeFi products," and linked the move to expanding its Web3 ecosystem.
Competition shifts onchain
The eToro-Extended deal arrives as rival broker Robinhood rolled out its own blockchain, expanded its tokenized stock offering, and said it plans to extend its perpetual futures business beyond cryptocurrencies into commodities such as gold and oil.
CoinDesk said perpetual futures, once a niche crypto product, have become one of the industry’s fastest-growing markets, with platforms increasingly listing contracts tied to equities, commodities and other real-world assets.
Extended founder Ruslan Fakhrutdinov described the next stage as infrastructure and partnerships, saying, "The next is expanding the infrastructure and partnerships needed to support the next stage of onchain derivatives."
Zengo managing director Ouriel Ohayon framed the investment as part of a broader shift, saying, "Capital markets are increasingly converging with digital asset infrastructure," and adding that eToro’s investment reflects a conviction that trading will operate 24/7 beyond traditional market hours.
What’s at stake next
eToro said it plans to integrate Extended’s perpetual futures engine directly into the Zengo wallet, giving users access to onchain derivatives while retaining custody of their assets.
“eToro plans to integrate Extended's perpetual futures engine directly into the Zengo wallet”
Over time, eToro plans to bring broader DeFi products into the core eToro platform, while Extended said it plans to expand into spot trading, tokenized real-world assets and multi-asset collateral.
The sources also describe a broader push to make trading more continuous, with Ohayon saying the future of trading can operate 24/7, beyond the traditional trading week.
In parallel, the same reporting ties the onchain derivatives push to a wider “everything exchange” or “everything app” race, as Coinbase has expanded into perpetual futures and Kalshi entered the perpetual futures business.
