The retail trading giant Robinhood is taking over a crypto firm touted by Shark Tank’s Mr. Wonderful, Kevin O’Leary.
According to press releases from both firms, Robinhood is acquiring WonderFi, a Canadian crypto leader.
The deal is expected to be closed by halfway through this year. WonderFi plans to continue operations on its products after the arrangement closes.
Says WonderFi President and CEO Dean Skurka of the acquisition,
“WonderFi and Robinhood are united in our visions of making crypto accessible and bringing more people into the crypto space. We’re delighted to be joining the Robinhood team and to super-charge our product offerings for customers.”
According to the Robinhood announcement, the “all-cash purchase price” comes out to about C$250 million, or about $179 million.
Said Johann Kerbrat, SVP and GM of Robinhood Crypto, of the deal,
“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.
We look forward to partnering with the WonderFi team to deliver innovative, user-centric crypto products to Canadian customers.”
Earlier this year, the U.S. Securities and Exchange Commission (SEC) dropped its investigations into Robinhood for allegedly violating federal securities laws without pursuing further enforcement actions.
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