Robinhood has finished its $180 million acquisition of WonderFi, the Toronto-based company behind two regulated crypto trading platforms in Canada. The deal, which closed this week, adds roughly 300,000 funded customers to Robinhood’s international base, now over 1 million. WonderFi’s platforms—Bitbuy and Coinsquare—will be folded into the Robinhood brand, and Canadian users will be invited to switch to the Robinhood app with a flat 0.5% fee per CAD trade.
Welcome to the Robinhood brand
For Canadian customers of Bitbuy and Coinsquare, the change is immediate. Robinhood will reach out with migration details. The flat 0.5% fee per trade replaces whatever fee structures each platform used before. Robinhood also plans to keep running WonderFi’s institutional business, including relationships built through Bitstamp. That means the wholesale side doesn’t get cut off—it gets absorbed.
Robinhood first set up shop in Canada in 2024 with an engineering hub in Toronto, citing the country’s tech talent. Now it has more than 240 employees here, plus the WonderFi team joining them.
A tough quarter on the trading side
The timing of the acquisition isn’t great if you look at Robinhood’s recent trading numbers. Crypto transaction revenue fell 47% year-over-year to $134 million in the first quarter. Trading volume tumbled 48% to $24 billion. The company missed analyst expectations for both earnings and revenue, even though net income crept up 3% to $346 million. The WonderFi deal doesn’t reverse that trend overnight—but it does give Robinhood a regulated foothold in a market where crypto trading is relatively stable.
Robinhood Chain testnet goes live
Separately, Robinhood launched a public testnet for Robinhood Chain, an Ethereum Layer 2 network built on Arbitrum technology. Infrastructure providers Alchemy, Chainlink, LayerZero, and TRM are already hooking into the testnet. Mainnet is planned for later in 2026. The chain doesn’t have a direct connection to the WonderFi deal, but it shows Robinhood is still investing in crypto infrastructure while its trading business bleeds volume.
Robinhood hasn’t said exactly when the WonderFi migration will be complete. The company is expected to share more details in the coming weeks, along with a mainnet date for Robinhood Chain.
