Robinhood Markets has closed its acquisition of Toronto-listed WonderFi Technologies for $180 million in an all-cash deal. The transaction gives the US trading app direct control of Canada's two longest-running regulated crypto platforms, Bitbuy and Coinsquare. Robinhood also said it has crossed 1 million international customers as part of its push into the Canadian market.
Why Canada mattered
Canada has a regulated crypto framework that's been around for years, and Robinhood wanted in without starting from scratch. Bitbuy and Coinsquare are both registered with provincial securities regulators, so Robinhood inherited compliance and user trust instantly. The company noted it entered the Canadian market without building any new product code — it reused its existing tech stack and tweaked it for local rules.
What Robinhood bought
WonderFi owned both Bitbuy and Coinsquare, two platforms that launched back in the mid-2010s and survived multiple market cycles. They hold a combined customer base in the hundreds of thousands, though Robinhood didn't break out exact numbers. The $180 million price tag is a fraction of what WonderFi was worth during the 2021 bull run, but it's a clean all-cash exit for shareholders.
The no-code entry
Robinhood's engineering team didn't write new interfaces or backends for Canada. Instead, they relied on the same infrastructure that powers its US and UK apps, adjusting only for compliance differences. That kept costs low and sped up the launch timeline. The result is a trading experience that looks and feels identical to what Robinhood users in other countries see.
Bitbuy and Coinsquare will continue operating under their own brands for now, but Robinhood plans to integrate them under its main app in the coming months. No specific date has been set. The acquisition closed as scheduled, but users in Canada will have to wait for the full product merge before they see the same Robinhood interface they've heard about from US customers.
