Robinhood Snaps Up WonderFi in Bold Canadian Crypto Land Grab

Robinhood just wrote a fat check to buy its way into Canada’s crypto scene—acquiring WonderFi in a move that reeks of desperation to catch Coinbase’s shadow.

The deal gives the ’democratized finance’ poster child instant access to WonderFi’s regulatory licenses—because nothing says ’for the people’ like buying compliance instead of earning it.

Canadian traders now face a familiar dilemma: trust a U.S. platform that only recently discovered due diligence, or stick with homegrown exchanges that still can’t match Binance’s liquidity. Choose your poison.

Changes in leadership

Upon completion, WonderFi’s leadership, including CEO Dean Skurka, will join Robinhood Crypto and continue to oversee Canadian operations. Employees from WonderFi will jump into Robinhood’s existing Canadian workforce, which includes more than 140 staff based in Toronto.

“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, GM of Robinhood Crypto.

Robinhood has been expanding its crypto capabilities in recent years, having acquired Bitstamp for $200 million in 2024. 

The WonderFi acquisition builds on that strategy, positioning Robinhood to serve Canadian retail investors with a broad set of crypto services, including trading, staking, and custody.

WonderFi has approximately 1.6 million users across its platforms and reported over C$3.57 billion in trading volume in fiscal year 2024, a 28% year-over-year increase. The company went public via a reverse takeover in 2021 and has since grown into one of Canada’s leading crypto providers.

Robinhood plans to finance the purchase using cash on hand. J.P. Morgan served as Robinhood’s exclusive financial advisor, while WonderFi was advised by FT Partners and multiple legal and financial firms, according to the companies.