TL;DR
- Robinhood is set to acquire WonderFi for $179 million, gaining control of Bitbuy and Coinsquare, two of Canada’s leading regulated crypto platforms.
- Meanwhile, Coinbase has partnered with Stablecorp to promote QCAD, a stablecoin backed by Canadian dollars.
- These moves signal a strategic expansion into Canada, a country where strict regulations have limited crypto adoption, yet a vast potential market remains untapped.
Robinhood, the popular U.S. fintech, has announced the acquisition of WonderFi for $179 million—marking one of its most significant international investments to date. With this purchase, Robinhood will integrate two of Canada’s oldest and most regulated cryptocurrency platforms into its ecosystem: Bitbuy and Coinsquare. Both are licensed by the Ontario Securities Commission (OSC) and boast a strong user base that includes both beginners and experienced traders.
WonderFi, a publicly traded company on the Toronto Stock Exchange, has consolidated its position in the Canadian market over recent years, reporting a trading volume exceeding 3.57 billion Canadian dollars in 2024. It also offers digital asset custody and staking services. Robinhood’s offer includes a 41% premium over WonderFi’s stock value, signaling a high level of confidence in the long-term potential of the Canadian crypto market.
Coinbase and Stablecorp: Stablecoins as a Real-World Solution
Coinbase, meanwhile, isn’t staying on the sidelines. At the Blockchain Futurist Conference in Toronto, it announced a new partnership with Stablecorp, the firm behind QCAD—a stablecoin backed 1:1 with Canadian dollars. While there are currently only $175,000 QCAD in circulation, Coinbase’s support could significantly boost its usage. The goal: to solve Canada’s inefficient and expensive bank transfer system.
Lucas Matheson, CEO of Coinbase Canada, was blunt:
“Transfers cost $45 and involve paperwork. With stablecoins, payments are instant, 24/7, and borderless.”
This progressive crypto vision stands in stark contrast to the current regulatory stance in Canada, where stablecoins are still treated as securities rather than payment tools—a framework that, according to Coinbase, stifles innovation.
Canada: Falling Behind or on the Verge of Change?
These moves come at a pivotal moment, as Canada undergoes political transition with the recent election of Mark Carney as Prime Minister, a figure known for his skepticism toward cryptocurrencies. Nonetheless, the local crypto industry is actively pushing for a national strategy that embraces digital assets as tools for financial inclusion and modernization.
While the United States has begun to distinguish between payment stablecoins and speculative assets, Canada now has the chance to adopt a similar regulatory framework. Doing so could allow the country to position itself as a leader in digital financial innovation in North America. For now, Robinhood and Coinbase are already paving the way.
