Canadian regulatory bodies have approved Robinhood Attempt to acquire a digital asset products and services company WonderFi.
Toronto-based WonderFi Announce Monday (May 25) that Canadian Investment Regulatory Organization (CIRO) approved the deal, which Robinhood said would help Deepen its ability to offer programmable financial products.
“Canada is home to one of the fastest-growing cryptocurrency markets, and Robinhood’s accessible, low-cost and secure platform will build on WonderFi’s mission and attract millions of Canadians.” Greater reach “For cryptocurrency trading,” Robinhood said at the time.
“WonderFi’s technologies and products, including Bitbuy and Coinsquare, are highly aligned with Robinhood Crypto, with offerings including cryptocurrency trading, staking and custody.”
The deal was expected to close in the latter half of last year, but the companies later announced Extension of closing date Until June 1 of this year, to give Robinhood more time to deploy its technology in Canada and gain regulatory approval.
The deal follows and interlocks with Robinhood’s 2025 acquisition From crypto exchange Bitstampas PYMNTS wrote last year.
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“Internally, Robinhood has begun putting in place institutional-level infrastructure, including custody, anti-money laundering and… Know your customer “Advanced trading processes and engines,” that report said.
“With Bitstamp’s regulatory strength and WonderFi’s technology stack, Robinhood appears poised to take on the likes of the Coinbase or Galaxy of the world. A profitable compromise Between traditional finance and native cryptocurrency platforms.”
Since then, cryptocurrency trading — Robinhood’s historic “growth engine” — has begun to collapse, PYMNTS wrote last month, with the company’s latest earnings showing cryptocurrency trading revenue falling by about 47% on an annual basis.
Instead, two new revenue streams have emerged, this report said: subscription services and Prediction markets.
“In the first quarter, customers remained engaged and quickly adopted new products, resulting in a net annual deposit growth rate of more than 20 percent, double-digit growth across stocks and options, and record volumes for prediction markets, futures and index options,” Shiv Verma, Robinhood’s chief financial officer, said during a call with investors.
This shift represents a “profound evolution of the platform,” with Robinhood moving from a brokerage to a “hybrid platform where investing, speculation, and entertainment can be increasingly blurred,” PYMNTS said.
In other Robinhood news, earlier this month the company announced the launch of… Project Fund Which would raise funds to invest in private companies at an early stage and growth stage.
Robinhood Ventures Fund II (RVII) has confidentially filed a draft registration statement with the Securities and Exchange Commission (SEC) to begin the process of registering a public offering of its stock. The company expects the initial public offering to take place after the Securities and Exchange Commission completes its review process, taking into account market and other conditions.
