Robinhood Acquires Kevin O’Leary-Backed Crypto Firm WonderFi for $179,000,000

The retail buying and selling large Robinhood is taking on a crypto agency touted by Shark Tank’s Mr. Great, Kevin O’Leary.

In keeping with press releases from both firms, Robinhood is buying WonderFi, a Canadian crypto chief.

The deal is predicted to be closed by midway by way of this 12 months. WonderFi plans to proceed operations on its merchandise after the association closes.

Says WonderFi President and CEO Dean Skurka of the acquisition,

“WonderFi and Robinhood are united in our visions of constructing crypto accessible and bringing extra folks into the crypto area. We’re delighted to be becoming a member of the Robinhood group and to super-charge our product choices for patrons.”

In keeping with the Robinhood announcement, the “all-cash buy value” comes out to about C$250 million, or about $179 million.

Stated Johann Kerbrat, SVP and GM of Robinhood Crypto, of the deal,

“WonderFi has constructed a formidable household of manufacturers serving newbie and superior crypto customers alike, making them a super accomplice to speed up Robinhood’s mission in Canada.

We stay up for partnering with the WonderFi group to ship progressive, user-centric crypto merchandise to Canadian prospects.” 

Earlier this 12 months, the U.S. Securities and Change Fee (SEC) dropped its investigations into Robinhood for allegedly violating federal securities legal guidelines with out pursuing additional enforcement actions.

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