Ethereum

2024

Arbitrum

Robinhood

Robinhood Markets has completed its $180 million acquisition of WonderFi, a Toronto-based provider of digital asset products and services. With the deal, Robinhood is entering the Canadian market by acquiring an established operator of regulated crypto exchanges.
As part of the acquisition, WonderFi’s two regulated crypto trading platforms, Bitbuy and Coinsquare, will become part of the Robinhood brand. Canadian customers will be invited to use the Robinhood app, which offers a flat 0.5% fee per CAD trade, along with the company’s user interface, user experience, and global infrastructure.
<h2 id="major-canadian-crypto-push">Major Canadian Crypto Push</h2>
In its official press release, Robinhood <a href="https://robinhood.com/us/en/newsroom/robinhood-enters-canada-completes-acquisition-wonderfi/" rel="noopener noreferrer nofollow">said</a> it will continue supporting WonderFi’s existing institutional relationships in Canada while building on the institutional business it has developed through Bitstamp. The expansion is part of Robinhood’s broader strategy to build an integrated global financial ecosystem.
Following the acquisition, Robinhood now has more than 1 million international funded customers, including approximately 300,000 funded customers that came through WonderFi. WonderFi employees will join Robinhood’s existing Canadian workforce of more than 240 employees. Robinhood established its Canadian headquarters in Toronto in 2024 as an engineering hub, citing Canada’s strong technology talent pool.
In a statement, Johann Kerbrat, SVP and General Manager of Robinhood Crypto &amp; International, said
<blockquote>
 “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. We’re pleased to have closed our acquisition and look forward to delivering innovative, user-centric investing products to Canadian customers.”
</blockquote>
The deal comes months after Robinhood <a href="https://investors.robinhood.com/static-files/15576d76-2d02-4aea-a40d-48e694c04a4b" rel="noopener noreferrer nofollow">reported</a> a sharp decline in crypto trading activity during the first quarter. Crypto transaction revenue fell 47% year-over-year to $134 million, while crypto trading volume dropped 48% to $24 billion. The company also missed analyst expectations for earnings and revenue, even though net income increased 3% to $346 million.
<h2 id="layer-2-plans">Layer 2 Plans</h2>
In February, Robinhood <a href="https://cryptopotato.com/robinhood-enters-layer-2-race-with-public-testnet-launch-of-robinhood-chain/" rel="noopener noreferrer nofollow">launched</a> the public testnet for Robinhood Chain, an Ethereum Layer 2 network built using Arbitrum technology. The testnet gives developers early access to the network ahead of a planned mainnet launch later this year and allows them to build and test applications using standard Ethereum tools.
According to the company, several infrastructure providers, including Alchemy, Chainlink, LayerZero, and TRM, had already begun integrating with the network.
The post <a href="https://cryptopotato.com/robinhood-officially-enters-canada-after-closing-wonderfi-acquisition/" rel="noopener noreferrer nofollow">Robinhood Officially Enters Canada After Closing WonderFi Acquisition</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Robinhood Officially Enters Canada After Closing WonderFi Acquisition

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