Robinhood Closes $180M WonderFi Deal, Enters Canada With 300,000 Funded Customers
Robinhood completed its $180 million acquisition of WonderFi, the Toronto-based operator of Bitbuy and Coinsquare, adding roughly 300,000 funded crypto customers in a single transaction. The deal gives Robinhood its first Canadian footprint and takes its international funded customer count above 1 million.
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What Happened
Robinhood Markets completed its $180 million acquisition of WonderFi, a Toronto-based provider of digital asset products, according to the company's official press release. The deal gives Robinhood its first presence in Canada through two regulated crypto trading platforms, Bitbuy and Coinsquare, which will be folded into the Robinhood brand.
According to Robinhood, the transaction brings approximately 300,000 funded customers from WonderFi, lifting its international funded customer base above 1 million. Canadian users will be invited to use the Robinhood app, which charges a flat 0.5% fee per CAD trade.
Scale and Structure of the Acquisition
The sources differ on how to frame the timing of the deal. The Defiant describes it as a year-late buyout, while CryptoPotato reports only that the acquisition has now closed, without characterizing the delay. Neither source provides a figure for the amount of WonderFi's revenue or assets acquired beyond the purchase price.
WonderFi's employees will join Robinhood's existing Canadian workforce of more than 240 people. Robinhood established a Toronto headquarters in 2024 as an engineering hub, citing the country's technology talent pool. Robinhood said it will continue supporting WonderFi's institutional relationships in Canada and build on the institutional business it has developed through Bitstamp.
Context From Robinhood's Recent Results
The deal follows a weak quarter for Robinhood's crypto business. Crypto transaction revenue fell 47% year over year to $134 million in the first quarter, and crypto trading volume dropped 48% to $24 billion. Total net income still rose 3% to $346 million, although the company missed analyst expectations for both earnings and revenue.
Product Roadmap
In February, Robinhood launched a public testnet for Robinhood Chain, an Ethereum Layer 2 network built on Arbitrum technology. The testnet gives developers early access ahead of a planned mainnet launch later this year, and supports standard Ethereum development tools. According to the company, Alchemy, Chainlink, LayerZero and TRM have already begun integrating with the network.
Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International, said WonderFi's experience operating regulated platforms for both beginner and advanced users makes it "an ideal partner to accelerate Robinhood's mission in Canada."
Why It Matters
For Traders
Canadian users gaining access to Robinhood's 0.5% CAD trading fee could shift liquidity between Canadian venues, though the effect on major pair prices is likely small.
For Investors
Entry into Canada through a regulated operator signals Robinhood is pursuing a multi-country crypto franchise rather than relying on U.S. retail volume.
For Builders
Robinhood Chain's testnet integrations with Alchemy, Chainlink and LayerZero mean Arbitrum-based Layer 2 tooling is becoming a viable base for consumer brokerage apps.
This article is for information only and is not financial advice. Read the full disclaimer.
