Robinhood’s WonderFi Buy Signals Strong Push Into Global Crypto Markets
The $250 million deal gives Robinhood access to WonderFi’s Bitbuy and Coinsquare platforms and about $2 billion in client assets.
- On Monday, Robinhood Markets Inc. completed its $250-million acquisition of WonderFi Technologies Inc., following Canadian Investment Regulatory Organization approval on May 20.
- The purchase incorporates WonderFi's platforms Bitbuy and Coinsquare, managing about $2 billion in client assets, with Robinhood paying 36 cents per share.
- This acquisition creates a new challenger to homegrown firms such as Wealthsimple Inc. and Questrade, intensifying competition for Canada's growing pool of self-directed investors.
- Existing WonderFi customers will receive invitations over the coming weeks to begin trading directly through the Robinhood app as both brands integrate into the broader ecosystem.
- Johann Kerbrat, Robinhood's senior vice-president, stated the firm aims to become "one of the top players in the space," citing Canadians' enthusiasm for managing their personal finances.
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The amount of the transaction, announced a year earlier, is C$250 million.
WonderFi's shares are expected to be removed from the Toronto Stock Exchange on June 2. The post Robinhood offers WonderFi for $250 million and operates in Canada appeared first on Les Affaires.
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