Robinhood announced its acquisition of WonderFi for CA$250 million in cash, enhancing its presence in the Canadian crypto market. WonderFi, with CA$2.1 billion in assets, operates regulated platforms like Bitbuy and Coinsquare. This deal offers WonderFi shareholders a 41% premium and follows Robinhood's previous acquisition of Bitstamp. The WonderFi team will integrate into Robinhood Crypto, increasing their workforce in Toronto. CEO Vlad Tenev expressed optimism about the crypto industry's future under new U.S. administration, emphasizing crypto as a transformative financial innovation.
Robinhood's acquisition of WonderFi for CA$250 million is a significant move to tap into Canada's expanding digital asset market.
The move reinforces Robinhood's global expansion strategy after its previous acquisition of European exchange Bitstamp.
WonderFi operates regulated platforms like Bitbuy and Coinsquare, giving Robinhood access to over CA$2.1 billion in assets.
CEO Vlad Tenev sees crypto as a remarkable technology innovation that positively transforms the financial infrastructure.
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