Robinhood Markets just wrapped up snagging WonderFi for $180 million, pulling in that Toronto-based digital asset wizard 🖤. This move lets them slide straight into Canada with a fully regulated crypto exchange player on their team.
Major Canadian Crypto Push
Bitbuy and Coinsquare are now under the Robinhood banner, so Canadian traders get that slick app experience with a flat 0.5% fee on CAD trades plus all the global bells and whistles 🌙.
Robinhood’s keeping WonderFi’s institutional ties alive while layering on Bitstamp’s network for a bigger defi-style ecosystem. They’ve crossed 1 million international funded users, with about 300,000 rolling in from WonderFi, and WonderFi’s crew is joining Robinhood’s 240+ Canadian staff. Their Toronto hub has been an engineering playground since 2024 thanks to the killer tech talent pool.
Johann Kerbrat, SVP and General Manager of Robinhood Crypto & International, dropped this: “WonderFi has extensive experience operating regulated crypto platforms that serve beginner and advanced crypto users alike, 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.”
Crypto trading revenue had dipped 47% year-over-year to $134 million earlier, with volumes sliding 48% to $24 billion, yet net income still crept up 3% to $346 million.
Layer 2 Plans
Back in February they fired up the public testnet for Robinhood Chain, their Ethereum L2 built on Arbitrum tech, so devs can poke around with familiar tools before mainnet lands later this year ✨. Alchemy, Chainlink, LayerZero, and TRM are already plugging in.
Just another echo from the void by iconofsin.eth 💖
