U.S. zero-commission trading platform Robinhood has officially entered the Canadian crypto market via a $180 million acquisition of fintech company WonderFi, gaining control of leading local exchanges Bitbuy and Coinsquare.
WonderFi had previously integrated Bitbuy and Coinsquare, creating Canada's largest compliant crypto ecosystem. This acquisition allows Robinhood to bypass lengthy regulatory approvals, directly obtaining the necessary licenses and an existing user base. Both Bitbuy and Coinsquare hold Money Services Business registrations with FINTRAC and are supervised by provincial securities regulators, ensuring compliance with Canadian law.
The deal represents a significant step in Robinhood's global expansion strategy. The company already serves over 10 million active users in the U.S., offering stocks, ETFs, and crypto trading. Through this acquisition, Robinhood can extend its crypto services into Canada, leveraging local teams and technology for rapid deployment. Coming on the heels of its European crypto launch, this North American move strengthens Robinhood's position in the global digital asset market and creates new growth opportunities against competitors such as Coinbase.