Crypto platform Robinhood is acquiring WonderFi in a C$250 million deal, aiming to strengthen its presence in the Canadian cryptocurrency market. The acquisition gives Robinhood access to WonderFi’s existing customer base and established platforms Bitbuy and Coinsquare, which manage over $2.1 billion in assets. This move follows a trend of major crypto firms expanding globally, with Robinhood seeking to tap into Canada’s growing crypto user base.
WonderFi’s team will continue operating under the newly merged entity, Robinhood Crypto, while integrating its services and expertise. The deal is expected to close by late 2025 after regulatory approvals. Robinhood plans to leverage this acquisition to expand its operations in Canada and offer more affordable crypto services.
The acquisition is seen as a significant development in the Canadian cryptocurrency landscape, further aligning with recent trends of global expansion within the crypto space. This move follows other acquisitions like Coinbase’s purchase of Deribit for $2.9 billion and Ripple’s purchase of Hidden Road, indicating a shift towards consolidation in the digital asset market.
In addition to this strategic acquisition, Robinhood has been expanding its product offerings globally. The company recently listed Popcat ($POPCAT), PENGU ($PENGU), and PNUT ($PNUT) on its platform, demonstrating a continued commitment to growing its crypto trading infrastructure.
This deal signals Robinhood’s ambitious plan to solidify its position as a global leader in the cryptocurrency market.