Robinhood revealed Tuesday that it’s acquiring Canadian crypto chief WonderFi for CA$250 million (round $178.56 million) in an all-cash deal because it pushes into Canada’s rising digital asset market.
WonderFi operates two regulated crypto platforms, Bitbuy and Coinsquare, with over CA$2.1 billion in property beneath custody. The transaction gives WonderFi shareholders CA$0.36 per share, representing a 41% premium over the corporate’s latest closing value. (WonderFi went public in Canada by means of a reverse takeover in 2021.)
The tie-up follows Robinhood’s $200 million buy of European change Bitstamp final yr and reinforces its world growth technique.
WonderFi’s group, together with CEO Dean Skurka, will be a part of Robinhood Crypto, including to the roughly 140 staff Robinhood already has in Toronto.
The deal is predicted to shut in the second half of this yr.
Ztoog talked with Robinhood CEO Vlad Tenev in December about his enthusiasm over a brand new U.S. administration that’s far friendlier to the crypto trade, and about Robinhood’s personal rising concentrate on crypto. “I think crypto is the next in line in a long chain of technology innovations that have changed the underlying infrastructure of the financial system in a positive way,” Tenev stated on the time.