Robinhood, the popular trading app, is buying Canadian crypto company WonderFi for approximately $179 million. This all-cash deal is expected to close by mid-year. WonderFi, which counts Shark Tank‘s Kevin O’Leary among its backers, will continue operating its existing products.
A Match Made in Crypto?
Both companies say the acquisition is a perfect fit. WonderFi’s CEO, Dean Skurka, sees it as a way to expand their reach and improve their offerings. Robinhood’s SVP and GM of Robinhood Crypto, Johann Kerbrat, highlighted WonderFi’s strong brand and user base as key reasons for the purchase. He believes this will help Robinhood accelerate its growth in the Canadian crypto market.
The Deal’s Details
The purchase price is roughly C$250 million, or about $179 million USD. This acquisition comes after the SEC dropped its investigation into Robinhood earlier this year.
Looking Ahead
The acquisition is expected to significantly boost Robinhood’s presence in the Canadian cryptocurrency market. WonderFi’s existing customer base and product lines will likely be integrated into Robinhood’s platform.