In this week's issue of the Competitive Intelligence Update we explore US trading platform Robinhood and its recent announcement that it is buying Toronto-based crypto exchange Wonderfi.
Wonderfi is a regulated crypto trading platform focused on centralized and decentralized crypto products. The company fosters and invests in the global digital asset ecosystem, and acquired several Canadian crypto exchanges.
Robinhood was attracted by Canada’s high crypto adoption rates and stable regulations. In its news release, Robinhood said the deal will help it expand in one of the world's fastest growing crypto markets and support Robinhood’s vision of building a "global financial ecosystem". Robinhood will now acquire these regulatory licences, shaving years off the compliance process.
Earlier this year, Robinhood announced Robinhood Banking, a digital banking service set to launch in fall 2025.
Robinhood has a strong platform to build upon and a good reputation for a user-friendly experience. Robinhood has a size advantage with US$187 billion in assets under custody as of March 2025 compared to over $70 billion in assets under administration (AUA) recently reported by Wealthsimple and over $50 billion in AUA for Questrade as of May this year.
Other US crypto firms have also made forays into Canada in recent years, including Coinbase and Kraken.
This week’s issue looks at other crypto developments as well as Equifax’s latest report that shows Canadians struggling with debt. Additional reading on Desjardins’ technology strategy is provided.
For details on this acquisition and more, please read this week's Competitive Intelligence Update. Email research@ccua.com to learn more and sign up.