Robinhood grows its footprint in Canada by acquiring WonderFi

In Brief

Robinhood revealed Tuesday that it’s acquiring Canadian crypto person WonderFi for CA$250 cardinal (around $178.56 million) successful an all-cash woody arsenic it pushes into Canada’s increasing integer plus market.

WonderFi operates 2 regulated crypto platforms, Bitbuy and Coinsquare, with implicit CA$2.1 cardinal successful assets nether custody. The transaction offers WonderFi shareholders CA$0.36 per share, representing a 41% premium implicit the company’s caller closing price. (WonderFi went nationalist successful Canada done a reverse takeover successful 2021.)

The tie-up follows Robinhood’s $200 cardinal acquisition of European speech Bitstamp past twelvemonth and reinforces its planetary enlargement strategy. 

WonderFi’s team, including CEO Dean Skurka, volition articulation Robinhood Crypto, adding to the astir 140 employees Robinhood already has successful Toronto.

The woody is expected to adjacent successful the 2nd fractional of this year. 

TechCrunch talked with Robinhood CEO Vlad Tenev successful December astir his enthusiasm implicit a caller U.S. medication that’s acold friendlier to the crypto industry, and astir Robinhood’s ain increasing absorption connected crypto. “I deliberation crypto is the adjacent successful enactment successful a agelong concatenation of exertion innovations that person changed the underlying infrastructure of the fiscal strategy successful a affirmative way,” Tenev said astatine the time.

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