Robinhood introduced Tuesday it was shopping for Canadian crypto chief Wonderfi for round $250 million (roughly $178.56 million).
Wonderfi operates two regulated cryptographic platforms, BitBuy and Coinsquare, detaining belongings of greater than $2.1 billion. The transaction is obtainable to Wonderfi shareholders at $0.36 per share at round $0.36, accounting for a 41% premium over our current closing value. (Wonderfi was launched in Canada in 2021 by a reverse acquisition.)
The partnership is bolstering its international growth technique following the $200 million buy of Robinhood’s European Alternate Bit Stamp final yr.
The Wonderfi group, together with CEO Dean Skurka, will be a part of Robinhood Crypto, with about 140 staff already added in Toronto.
The deal is predicted to shut later this yr.
currencyjournals spoke with Robinhood CEO Vlad Tenev in December about his enthusiasm for a brand new US administration that’s much more pleasant to the crypto trade, and Robinhood himself focuses on cryptography. “I believe Crypto is subsequent in keeping with an extended line of know-how improvements which have positively modified the infrastructure underlying the monetary system,” Tenev stated.
