eToro leads $12.5M round for onchain derivatives platform Extended
What's the deal? eToro has led a $12.5 million early-stage round for ExtendedDealroom has a profile for this one. Try Dealroom →, an onchain perpetual futures exchange founded by former Revolut employees. Jump CryptoDealroom has a profile for this one. Try Dealroom → and Àlber BlancDealroom has a profile for this one. Try Dealroom → also joined the round.
What does Extended do? The platform, led by former Revolut crypto head Ruslan FakhrutdinovDealroom has a profile for this one. Try Dealroom →, runs more than 100 perpetual markets and had processed over $245 billion in trading volume as of June. It plans to expand into spot trading, tokenized real-world assets, and multi-asset collateral.
What's the endgame? eToro will integrate Extended's perpetual futures engine into ZengoDealroom has a profile for this one. Try Dealroom →, the self-custody wallet it acquired for $70 million in April, letting users trade onchain derivatives while keeping custody of their assets. Broader DeFi products will follow on the core eToro platform.
"We are seeing growing demand from our users for seamless access to DeFi products," said Elad Lavi, eToro's executive vice president of corporate development and strategy.
Why now? Perpetual futures, once a niche crypto product, have become one of the industry's fastest-growing markets, with contracts increasingly tied to equities, commodities, and other real-world assets. Rivals are moving fast: Robinhood just launched its own blockchain and expanded tokenized stocks, while Coinbase and prediction market operator Kalshi have entered the perpetuals business.
By the numbers: At $12.5 million, the deal sits in the top 8% of early-stage rounds in its country by size, an unusually large bet for the stage.
The signal: The investment shows established retail brokers now treat DeFi infrastructure as strategic rather than experimental, even as eToro faces regulatory pressure in the US over crypto. As trading moves onchain, the lines between brokerages, crypto exchanges, and prediction markets are blurring — and eToro is betting on the plumbing before the category matures.
Read more: CoinDesk
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