Robinhood has agreed to buy decentralized trading platform WonderFi in Vancouver, Canada.
The digital stock brokerage app said in a press release that it will pay $178.6 million for the Canadian company. The deal is expected to close in the second half of this year.
WonderFi, which operates regulated cryptocurrency trading platforms Bitbuy and Coinsquare, was founded in 2021 to help democratize access to digital assets. WonderFi processed more than $2.5 billion in crypto trading volumes last year.
“WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space,” Dean Skurka, WonderFi’s president and CEO, said in a statement. “We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”
Robinhood bought European exchange Bitstamp for $200 million in June 2024.