Robinhood Markets (Hood), California-based Financial Services Company, said it agreed to buy Canadian crypto company Wonderfi (WNDR) for $ 178.98 million.
All-Cash acquisition values Wonderfi to 36 Canadian Cent per Share, a 41% premium over its closure rate before the Tuesday announcement.
“Wonderfi has built up a formidable family of brands serving beginner and advanced crypto tractors, making them an ideal partner to accelerate Robinhood’s mission in Canada,” Johann Kerbrat, head of Robinhood Crypto, said in the official announcement. Kerbrat speaks on consensus Toronto Friday.
Robinhood, a popular commission-free brokerage platform, has been looking to expand its international footprint for some time and concluded an agreement to acquire cryptocurrency exchange Bitstamp last year.
The latest acquisition will help it win over Canada-based customers. Toronto-listed Wonderfi owns and operates Bitbuy and Coinsquare, two leading crypto platforms in the country. Trading volume at Wonderfi, whose CEO Dean Vårka wants to talk to agreement on Thursday, rose 28% to C 3.57 billion dollars in the 2024 financial year.
The deal will bring Robinhood into Canada and ramp up competition for exchanges such as Coinbase and Wealth Simple Crypto.
Crypto-Fusion and acquisition activity has accelerated with US President Donald Trump, who adopts a cryptic approach. Last week, Nasdaq-Listed Coinbase made a bold effort on the Digital Assets segment derivatives, in which Crypto Options Giant was dismissed in a landmark $ 2.9 billion dollars.
Update (May 13, 14:43 UTC): Adds leaders’ performance to consensus Toronto.
