Robinhood has agreed to purchase WonderFi, a Vancouver-based crypto firm backed by Kevin O’Leary, for $179 million, marking the company's entrance into the Canadian market. The acquisition will boost Robinhood's product offerings to Canadian customers and is part of the firm's broader efforts to expand its crypto business internationally. With the deal's announcement, both Robinhood and WonderFi's stock prices saw significant increases. WonderFi manages crypto exchanges Bitbuy and Coinsquare and has $2.1 billion in assets under custody. Robinhood's impressive first-quarter performance, characterized by a 50% revenue jump driven by crypto trading, emphasizes the strategic importance of this acquisition. Analysts estimate this move could eventually generate around $250 million in annual revenue from the Canadian market. WonderFi, established in 2021, experienced a 34% rise in share price post-announcement, reflecting positive market sentiment toward the acquisition. This deal, alongside Robinhood's efforts to acquire Bitstamp, indicates the company's intention to solidify its position in the global crypto landscape.

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