Robinhood Buys WonderFi in $179 Million Crypto Deal

Robinhood is expanding its crypto reach with a new move north of the border. The company is buying a Canadian digital asset firm once backed by “Shark Tank” investor Kevin O’Leary.

Good to know

• The deal is valued at roughly $179 million in cash.
• WonderFi will continue running its platforms post-acquisition.
• Robinhood aims to grow its crypto business in Canada through the deal.

Robinhood has announced an all-cash acquisition of WonderFi, a well-known Canadian crypto company. The deal is worth about C$250 million, which translates to roughly $179 million. Both firms expect the transaction to close sometime mid-year.

WonderFi has made a name for itself in Canada’s digital asset space, offering services for both beginners and advanced crypto users. The company gained attention in the past for its connection with Kevin O’Leary, who promoted the platform as part of his push into crypto investing.

Johann Kerbrat, SVP and GM of Robinhood Crypto, commented on the acquisition, saying, “WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada. We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.”

WonderFi’s current products will remain available, even after the acquisition closes. Both companies have said they will continue to develop user-focused crypto tools for the Canadian market.

WonderFi President and CEO Dean Skurka also shared his excitement, saying, “WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space. We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”