Robinhood Markets, Inc., a giant platform offering financial services in the United States, has recently announced the acquisition of WonderFi Technologies Inc., a popular company offering crypto services to Canadian consumers. By acquiring WonderFi, Robinhood intends to widen its crypto services within the jurisdiction of Canada. The platform revealed this development on its official social media account.

Robinhood Acquires WonderFi to Increase Crypto Services within Canadian Jurisdiction

In its announcement, Robinhood disclosed its intention to increase the crypto services to facilitate the users in Canada. In this respect, the acquisition of a Canada-native crypto entity, “WonderFi” is a significant endeavor. As included in this partnership, WonderFi and the brands associated with it will be onboarded by Robinhood. These brands take into account Coinsquare and Bitbuy. This development will potentially expand the presence of Robinhood in one of the rapidly growing marketplaces in the crypto sector.

As a part of the agreement between Robinhood and WonderFi, the platform’s shareholders will get up to C$0.36 in the form of cash per share. This represents a forty-one percent premium over the closing price of the company on May 12. Additionally, it also denotes a seventy-one percent premium over the 1-month volume-weighted price on average. In line with the cash deal, WonderFi has a value of almost C$250M on a completed diluted basis.

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WonderFi has established a formidable set of brands that serve advanced and beginner crypto consumers alike. This makes them an adequate collaborator to expedite the expansion objective of Robinhood, as per Johann Kerbrat, Robinhood’s GM and SVP. With above C$2.1B in terms of assets in its custody, WonderFi has emerged as one of the most prominent crypto players.

WonderFi’s Leadership Teams to Remain Intact Even After Acquisition

According to Robinhood, this acquisition marks the next and crucial chapter in elevating its position within the ever-growing crypto landscape. After this acquisition, WonderFi will keep performing its normal operations across Coinsquare and Bitbuy without the replacement of the existing leadership teams. Overall, this acquisition underscores Robinhood’s strong commitment to broadening its stronghold across the globe.