Robinhood Markets has officially entered the Canadian market, finalizing its $180 million acquisition of WonderFi, a Toronto-based digital asset firm. The deal positions Robinhood to leverage WonderFi’s established, regulated cryptocurrency exchanges.
Canadian Market Entry
With this acquisition, Robinhood gains control of WonderFi’s two regulated crypto trading platforms, Bitbuy and Coinsquare. Canadian users will soon have access to the Robinhood app, which features a flat 0.5% fee on CAD trades, alongside the company’s familiar interface, user experience, and global infrastructure.
Robinhood stated in a press release that it intends to continue supporting WonderFi’s existing institutional relationships in Canada. This move complements the institutional business already developed through Bitstamp and aligns with Robinhood’s broader strategy to create an integrated global financial ecosystem.
Growth and Expansion
The acquisition significantly boosts Robinhood’s international customer base, bringing its total to over 1 million funded international customers. Approximately 300,000 of these new customers were acquired through WonderFi. WonderFi employees will be integrated into Robinhood’s existing Canadian workforce, which already comprises over 240 individuals. Robinhood established its Canadian headquarters in Toronto in 2024, designating it as an engineering hub, citing the country’s robust technology talent pool.
Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International, commented on the acquisition: “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.”
Market Context
The acquisition follows a period of declining crypto trading activity for Robinhood in the first quarter. Crypto transaction revenue saw a 47% year-over-year decrease, falling to $134 million, while crypto trading volume dropped 48% to $24 billion. Despite this, the company reported a 3% increase in net income to $346 million, though it missed analyst expectations for earnings and revenue.
In February, Robinhood launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network developed using Arbitrum technology. This testnet provides developers with early access to the network, allowing them to build and test applications using standard Ethereum tools ahead of a planned mainnet launch later this year. Several infrastructure providers, including Alchemy, Chainlink, LayerZero, and TRM, have reportedly begun integrating with the network.
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