Robinhood buys WonderFi for $179 million, strengthens presence in Canada

• WonderFi Acquisition Strengthens Robinhood’s Cryptocurrency Presence
• Robinhood bets on the Canadian crypto market
• WonderFi ensures continuity of its products under Robinhood

Robinhood, known worldwide for democratizing access to the financial market, announces another significant step in its cryptocurrency expansion strategy. This time, the move comes with the acquisition of WonderFi, a well-known Canadian crypto company backed by Kevin O'Leary, one of Shark Tank's most popular investors.

The deal values ​​WonderFi at approximately $179 million, all of which will be paid in cash, according to statements from both companies. The transaction is expected to close by mid-year, allowing WonderFi to continue operating its products and services as normal after integrating into the Robinhood ecosystem.

Dean Skurka, President and CEO of WonderFi, highlighted the synergy between the companies: “WonderFi and Robinhood are united in our vision of making cryptocurrencies accessible and bringing more people into the crypto space. We are thrilled to join the Robinhood team and further enhance our product offering for customers.”

Speaking on Robinhood’s behalf, Johann Kerbrat, SVP and GM of Robinhood Crypto, said the partnership is important to strengthen the company’s presence in Canada. “WonderFi has built a formidable family of brands that cater to both beginners and advanced crypto users, making them an ideal partner to accelerate Robinhood’s mission in Canada. We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers,” said Kerbrat.

The crypto segment continues to be one of Robinhood's biggest bets, especially after the platform overcame previous SEC investigations without suffering any penalties. The acquisition of WonderFi signals not only a commitment to international expansion, but also to the development of new products focused on usability and innovation for all investor profiles.