California-based financial technology company Robinhood Markets Inc. is expanding into the Canadian market after finalizing its acquisition of Toronto cryptocurrency firm WonderFi.
The acquisition means Robinhood, which is known for pioneering commission-free retail investing, will add WonderFi’s regulated crypto platforms, Bitbuy and Coinsquare, to its brand portfolio, the company announced in a June 1 press release.
The stock-based deal was valued at approximately US$180 million or CA$250 million.
“WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, making it an ideal partner to accelerate Robinhood’s mission in Canada,” Robinhood general manager Johann Kerbrat said in the release….