Deal grants Robinhood a Canadian crypto foothold with 300,000 customers and $800 million in assets under custody.
Robinhood completed its acquisition of Canadian crypto platform WonderFi for approximately US$180 million, or C$0.36 per share. The deal, finalized June 1, provides Robinhood with an established Canadian operation, including an investment dealer license and 300,000 funded customers.
WonderFi reported US$800 million in crypto assets under custody and US$2.6 billion in trailing 12-month trading volume as of April. The acquisition includes platforms Bitbuy and Coinsquare, which will migrate to Robinhood’s Canadian crypto platform.
WonderFi founder Karia Samaroo cited Canada’s regulatory environment as a barrier to scaling globally. He argued that domestic rules, including post-Quadriga crypto regulations, created a growth ceiling for ambitious firms.