Robinhood Markets has completed its $180 million acquisition of Toronto-based digital asset services firm WonderFi, according to a Monday announcement.
WonderFi operates Bitbuy and Coinsquare, which are two of Canada's regulated crypto platforms. The two will become part of Robinhood, and its users will be invited to continue on the Robinhood app.
“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,” said Johann Kerbrat, SVP, General Manager of Robinhood Crypto & International.
Robinhood noted in its announcement that it will continue to support WonderFi's partnerships with local institutions. This is expected to further expand Robinhood's institutional business, which it established through the acquisition of Bitstamp last year.
With the WonderFi acquisition, Robinhood said it has more than 1 million funded customers outside of the U.S., adding 300,000 from the Canadian firm.
