Robinhood Markets has completed its $180 million acquisition of WonderFi, a Toronto-based provider of digital asset products and services. The transaction marks Robinhood’s formal entry into the Canadian market through the purchase of an established operator of regulated cryptocurrency exchanges.
As part of the acquisition, WonderFi’s two regulated trading platforms, Bitbuy and Coinsquare, will transition into the Robinhood brand. Canadian customers will be invited to use the Robinhood app, which offers a flat 0.5% fee per CAD trade, as well as Robinhood’s interface, user experience, and global infrastructure.
Major Canadian Crypto Push
In its official press statement, Robinhood said it will continue supporting WonderFi’s existing institutional relationships in Canada while building on the institutional business it has developed through Bitstamp. This expansion fits Robinhood’s broader strategy to build an integrated global financial ecosystem.
After the acquisition, Robinhood counts more than 1 million international funded customers, including about 300,000 customers who joined through WonderFi. WonderFi employees will be integrated into Robinhood’s Canadian workforce, which already numbers over 240 employees. Robinhood established its Canadian headquarters in Toronto in 2024 as an engineering hub, citing Canada’s deep technology talent pool.
Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International, commented:
“WonderFi has extensive experience operating regulated crypto platforms that serve both new and advanced users, 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.”
The deal follows a period of weakened crypto activity for Robinhood earlier in the year. In its first-quarter report, the company disclosed a sharp decline in crypto trading: crypto transaction revenue fell 47% year-over-year to $134 million, while crypto trading volume dropped 48% to $24 billion. Robinhood also missed analyst expectations for earnings and revenue, although net income rose 3% to $346 million.
Layer 2 Plans
In February, Robinhood launched the public testnet for Robinhood Chain, an Ethereum Layer 2 network built with Arbitrum technology. The testnet offers developers early access ahead of a planned mainnet launch later this year, enabling them to build and test applications with standard Ethereum tools.
Robinhood stated that several infrastructure providers—such as Alchemy, Chainlink, LayerZero, and TRM—had already begun integrating with the network, supporting the company’s Layer 2 development and future product ambitions.