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 latest closing value. (Wonderfi was launched in Canada in 2021 by means of a reverse acquisition.)
The partnership is bolstering its international enlargement technique following the $200 million buy of Robinhood’s European Change Bit Stamp final yr.
The Wonderfi workforce, together with CEO Dean Skurka, will be a part of Robinhood Crypto, with about 140 workers already added in Toronto.
The deal is anticipated to shut later this yr.
cryptocorium 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 business, and Robinhood himself focuses on cryptography. “I believe Crypto is subsequent according to a protracted line of know-how improvements which have positively modified the infrastructure underlying the monetary system,” Tenev mentioned.
