Robinhood Acquires WonderFi, Launches in Canada

Robinhood Markets has officially entered the Canadian market after completing its acquisition of the digital asset services firm WonderFi. The deal, which closed after receiving approval from the Canadian Investment Regulatory Organization, provides the U.S. fintech company with a regulated foothold and established customer base in Canada.

The acquisition brings WonderFi's two major platforms, Bitbuy and Coinsquare, under the Robinhood brand. Canadian users of these services will be invited to access the Robinhood app, which the company says will feature a flat 0.5 percent fee per Canadian dollar trade. The transaction increases Robinhood's international funded customer count beyond one million, adding approximately 300,000 accounts from WonderFi.

Johann Kerbrat, Senior Vice President and General Manager of Robinhood Crypto International, stated that WonderFi's track record with both beginner and advanced crypto investors makes it an ideal partner for the company's expansion. Robinhood's CEO, Vlad Tenev, described the acquisition as marking the company's entry into Canada through one of the country's most well-respected crypto platforms.

Robinhood will maintain WonderFi's...