Latest news with #Coinsquare
Arabian Post
2 days ago
- Business
- Arabian Post
Robinhood's $200M Bitstamp Buy Signals Global Crypto Ambitions
Robinhood Markets Inc. has finalised its $200 million cash acquisition of Bitstamp, a Luxembourg-based cryptocurrency exchange, marking a significant step in its global expansion strategy. This move brings over 5,000 institutional clients and 50,000 retail users under Robinhood's umbrella, with a substantial portion of trading volume originating from institutional activities. The acquisition, initially agreed upon in June 2024, was completed without alterations to the deal's terms. Bitstamp, established in 2011, operates across multiple jurisdictions, including Luxembourg, the UK, Slovenia, Singapore, and the US. The exchange holds more than 50 active licenses and registrations, providing Robinhood with a robust regulatory framework to support its international crypto operations. Johann Kerbrat, General Manager of Robinhood Crypto, highlighted the strategic importance of the acquisition, stating that Bitstamp's established reputation and global presence would enhance Robinhood's ability to serve both retail and institutional investors. He emphasised that the integration of Bitstamp's services would facilitate Robinhood's expansion beyond the US market. ADVERTISEMENT This acquisition follows Robinhood's announcement on May 13 of its intent to acquire Canadian crypto firm WonderFi for approximately $179 million. WonderFi operates regulated platforms such as Bitbuy and Coinsquare, and the deal is expected to close in the second half of 2025, subject to regulatory approvals. The acquisition aims to strengthen Robinhood's presence in the Canadian market and expand its suite of crypto offerings. Robinhood's strategic acquisitions align with its broader goal of diversifying its services and increasing its footprint in the global financial market. The company's stock has experienced significant growth, reflecting investor confidence in its expansion plans and the potential of the cryptocurrency sector.
Time of India
17-05-2025
- Business
- Time of India
World leader in digital assets? Toronto emerges as a global blockchain hotspot as Canada's steady crypto rules outpace America's political gridlock
While US legislators are stuck in regulatory gridlock, Canada has quietly established itself as a world leader in cryptocurrency and blockchain technology, and Toronto as a hub of innovation, as per a report. Canada's Head Start on Crypto Regulation According to CNBC, Canada was one of the first countries to enact rules for crypto, by starting with anti-money laundering guidelines in 2014 and then it has consistently updated its regulatory guidance. Toronto Becomes a Crypto Launchpad CNBC wrote that the "regulatory clarity has made Toronto a launchpad for blockchain growth." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Live Comfortably: 60m2 prefabricated bungalow for the elderly in Libertad Pre Fabricated Homes | Search Ads Search Now Undo Companies are now seeing an opportunity in Canada, with American financial services company Robinhood's recent acquisition of Canadian crypto firm WonderFi, which is the owner of Bitbuy and Coinsquare, to get access to Canada's established user base, reported CNBC. ALSO READ: What led to Moody's downgrading the U.S. credit rating to Aa1, first time in over a century? Here are the reasons the agency cited and why Americans should be worried Live Events Robinhood's crypto chief, Johann Kerbrat highlighted that, 'Canada is a very attractive market for us,' adding, 'It's projected to be more than 30 million users using crypto here in Canada, with revenue projections of about $900 million in 2025,' as quoted in the report. Major Announcement at Consensus 2025 in Toronto During Consensus 2025 in Toronto, which is one of the globe's bigest crypto conferences, JPMorgan, Ondo, and Chainlink revealed to bet $100 billion on blockchain with a new platform to tokenize real-world assets, according to CNBC. Ondo Finance CEO Nathan Allman said that, 'It's really the first time that there's been this interoperability between a bank's permissioned blockchain environment and a public blockchain,' quoted CNBC. ALSO READ: Moody's downgrades U.S. rating from AAA to Aa1; what are the consequences of this move, and will the economy be affected? Here are all the details Both Ondo and Chainlink said that, the new offering will allow treasuries to be tokenized and settled using blockchain, combining JPMorgan's Kinexys Digital Payments network with Ondo's blockchain infrastructure, reported CNBC. FAQs Why is Canada suddenly seen as a crypto leader? Because it started regulating crypto as early as 2014 and has provided consistent, clear rules that make it easier for companies to grow. How has Robinhood entered the Canadian crypto market? Robinhood acquired WonderFi, a Canadian crypto firm, giving it access to platforms like Bitbuy and Coinsquare.
CNBC
15-05-2025
- Business
- CNBC
The U.S. has struggled for crypto clarity. Canada may have the answer
TORONTO — Canada has quietly become a global leader in digital assets. Canada was among the first countries to enact rules for crypto, starting with anti-money laundering guidelines in 2014. The country has repeatedly evolved its regulatory guidance in recent years, while U.S. lawmakers remain stuck in gridlock — even with a pro-crypto White House and a Republican-controlled Congress. That regulatory clarity has made Toronto a launchpad for blockchain growth, and Wall Street is taking notice. Robinhood's recent acquisition of Canadian crypto firm WonderFi, owner of Bitbuy and Coinsquare, plugs it into Canada's established user base. "Canada is a very attractive market for us," said Johann Kerbrat, Robinhood's crypto chief. "It's projected to be more than 30 million users using crypto here in Canada, with revenue projections of about $900 million in 2025." The company's decision to spend just under $180 million to buy WonderFi, which has one of the longest-standing crypto licenses in the country, is a direct bet on that growth. Galaxy Digital, the digital asset investing giant founded by Mike Novogratz, is headquartered in New York but listed in Canada because it couldn't go public in the United States. After being among the first to launch spot bitcoin ETFs in the U.S., Galaxy will finally debut on the Nasdaq on Friday. DeFi Technologies, a Canadian player focused on being the Strategy of Solana, is also planning a U.S. listing. "A lot of companies have started on the Toronto Stock Exchange and are trying to uplist into the Nasdaq," said Ondo Finance CEO Nathan Allman. "I think we're going to see more of that." At Consensus 2025 in Toronto, one of the world's largest crypto conferences, JPMorgan, Ondo, and Chainlink announced a $100 billion bet on blockchain with a new platform to tokenize real-world assets. The two firms say the new offering allows treasuries to be tokenized and settled using blockchain, combining JPMorgan's Kinexys Digital Payments network with Ondo's blockchain infrastructure. "It's really the first time that there's been this interoperability between a bank's permissioned blockchain environment and a public blockchain," Allman said. Crypto dealmaking has shown signs of life in recent months, as the United States has shifted its regulatory approach under President Donald Trump. The Federal Deposit Insurance Corporation and Federal Reserve have eased restrictions on banks handling crypto, rolling back prior guidance that required pre-approval for digital asset activities. The Securities and Exchange Commission has also taken a significant step by rescinding its restrictive accounting bulletin, which had forced companies holding crypto assets for clients to record them as liabilities. The new approach aligns crypto custody with traditional financial instruments. At the same time, the SEC has launched a new Crypto Task Force, inviting public input on how to better regulate digital assets. This self-driving car technology stock could pop by more than 400%, say three analysts Looking for alternatives to Nvidia? Futurum CEO names 3 he's bullish on for 2024 Bernstein tech analyst's best idea for 2024 is to short Tesla Morgan Stanley picks 'alpha' opportunities in China tech - giving one 52% upside "They want large enterprises like Citi to have a seat at the table," said Ryan Rugg, global head of digital assets for Citi's Treasury and Trade Solutions division. "They're asking for our opinion, where I think in the past, it was not quite the case." The booking of Eric Trump, the president's son and a leader of the newly-formed American Bitcoin, as a headline speaker, highlighted the growing presence of the U.S. in the crypto arena. The firm made waves when it launched in March, and already intends to go public through a merger with Gryphon Digital Mining. "It's important to remember: Most countries are totally neutral on blockchain," said Dan Morehead, CEO of Pantera Capital. "The U.S. had a fairly antagonistic stance on blockchain which made it difficult for companies to get bank accounts, made it difficult for companies to go public." He said he believes many companies that would have gone public a few years ago will hit U.S. markets in the next six months. "There's obviously tremendous appetite in the public markets," he said. Israel-based crypto and stock trading platform eToro went public on Wednesday after pricing above its expected range. Shares soared nearly 29% on its first trading day. The advancements in the U.S. aren't without setbacks. A first-of-its-kind stablecoin regulation bill failed to advance in the Senate after Democratic lawmakers raised concerns about national security, while others expressed concerns about the president's ties to crypto. Still, the payment giants are charging ahead. Mastercard announced Thursday that it's partnering with Moonpay to let customers use debit cards to transact using their stablecoin balances. PayPal announced Wednesday that it's partnering with artificial intelligence platform Perplexity to enable chat-powered shopping. PayPal's senior vice president of blockchain, crypto, and digital currencies told CNBC at Consensus 2025 that he sees a future where customers could transact in AI chats with their PayPal stablecoins or other crypto holdings. "We are trying to make sure that PayPal and Venmo are the gateway product to get more people into crypto," said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, crypto, and digital currencies. "A lot of people get into crypto through us, and that leads us to continue to add tokens." While PayPal leans on accessibility and payments, Robinhood is doubling down on tokenization and staking to capture both retail and institutional users. "This debate here in the U.S. is really important — it shows that we want to embrace the technology instead of just regulating it and turning it off like it was before," Kerbrat said, describing his appearance at an SEC roundtable under new chair Paul Atkins. The company sees blockchain technology as a way to transform everything from stocks to private equity markets and real estate into digital tokens that can be traded instantly. "We think at Robinhood that it is actually the future, and we can bring a lot more traditional assets on-chain using tokenization," Kerbrat added.
Yahoo
15-05-2025
- Business
- Yahoo
Robinhood surges nearly 10% on WonderFi deal; Mizuho sees Canada growth potential
-- Robinhood (NASDAQ:HOOD) is making its first major move into Canada with the acquisition of Wonderfi Technologies Inc (TSX:WNDR), a digital asset firm that operates two of the country's longest-standing regulated crypto platforms. Shares of WonderFi jumped 35% on the news, while Robinhood rose 9.8%. Mogo Inc (TSX:MOGO), WonderFi's largest shareholder, surged nearly 77%. The all-cash deal, announced Tuesday, values WonderFi at C$250 million ($178 million) and provides a 41% premium to its last closing price on the Toronto Stock Exchange. Robinhood will pay C$0.36 per share and expects the transaction to close in the second half of 2025, subject to regulatory and shareholder approvals. While the deal brings crypto platforms Bitbuy and Coinsquare under Robinhood Crypto, analysts are focused on the broader opportunity. According to Mizuho Securities analyst Dan Dolev, the transaction marks 'a critical first step' toward unlocking what he estimates to be a $250 million annual revenue opportunity, equivalent to nearly 10% upside to Robinhood's 2024 revenue. Dolev forecasts that Robinhood could eventually reach about 3 million funded accounts in Canada. 'Assuming revenue per funded account of $75 per year, this implies ~$250 million of annual revenue from Canadian funded accounts,' he wrote. His model discounts Robinhood's U.S. penetration and average revenue per user to arrive at more conservative Canadian estimates. The acquisition also provides strategic benefits beyond user growth. Dolev noted that WonderFi brings with it an Investment Dealer license in Canada, expands crypto staking capabilities, adds 61 supported coins, and complements Robinhood's pending acquisition of Bitstamp in its effort to build institutional crypto offerings. For Robinhood, the deal aligns with its goal of building 'a global financial ecosystem,' SVP Johan Kerbrat said in the press release. '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.' WonderFi will continue to operate its brands post-acquisition, and its existing leadership will join Robinhood Crypto. Toronto will remain Robinhood's Canadian headquarters, with more than 140 employees. Mogo, which orchestrated a 2023 merger between Coinsquare and WonderFi, endorsed the deal as a value-maximizing exit. 'This is a defining moment for WonderFi,' said Mogo President Greg Feller. As regulatory filings and shareholder votes move forward, analysts see Robinhood's Canadian strategy as taking shape, starting with crypto and potentially expanding to traditional brokerage services. Related articles Robinhood surges nearly 10% on WonderFi deal; Mizuho sees Canada growth potential Trump's Middle East trip a boon for NVIDIA Peloton raised to Outperform at Macquarie following Q3 earnings
Globe and Mail
15-05-2025
- Business
- Globe and Mail
WonderFi Reports First Quarter 2025 Results
Achieved $17.5 million in revenue and interest income during the quarter ended March 31st. Wholly owned trading platforms Bitbuy and Coinsquare generated over $1.128 billion in trading volumes during the quarter. Toronto, Ontario--(Newsfile Corp. - May 15, 2025) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) ("WonderFi" or the "Company"), a global leader in centralized and decentralized financial services and products, today announced its financial results for the three months ended March 31 st, 2025. All financial references are in Canadian dollars unless otherwise noted. Key First Quarter 2025 Financial Highlights: Achieved $17.5 million in revenue and interest income in Q1 2025, the third highest revenue quarter in company history. Wholly owned trading platforms Bitbuy and Coinsquare generated over $1.128 billion in trading volumes during the quarter. Key Q1 2025 Operational Highlights Launched a new self-custodial Wonder Wallet alongside a Layer-2 blockchain built on ZKsync, aimed at driving mainstream adoption of on-chain finance and decentralized technologies. Expanded its educational reach with the launch of a dedicated Canadian platform designed to provide accessible Bitcoin investor education and onboarding tools. Acquired Blade Labs, a Solana infrastructure company, to enhance its blockchain capabilities and support the development of scalable decentralized applications. Subsequent To Q1 On April 10th, 2025, the WonderFi sold 15,917,504 common of Tetra Trust Company for net proceeds of $8.38 million CAD. On May 13, 2025, WonderFi entered into a definitive agreement (the "Arrangement Agreement") with Robinhood Markets, Inc. ("Robinhood") and a wholly owned subsidiary of Robinhood (the "Purchaser"). Pursuant to the Arrangement Agreement, the Purchaser will acquire all of the issued and outstanding common shares of the Company ("Common Shares") for C$0.36 per Common Share by way of a statutory plan of arrangement under the Business Corporations Act (British Columbia) (the "Arrangement"). The Arrangement is subject to customary conditions, including securityholder approval, and the approval of the Supreme Court of British Columbia, approval under the Competition Act (Canada) and the approvals of the Canadian Securities Administrators and the Canadian Investment Regulatory Organization. Subject to satisfaction of such conditions, the Arrangement is expected to be completed during the second half of 2025. "We're extremely pleased with the progress we've made in Q1 2025," said Dean Skurka, President and CEO of WonderFi. "Our strong start to the year has enabled us to stay focused on our strategic initiatives and continue investing in growth." Access to Financial Statements and Management Discussion and Analysis Complete financial statements along with related management discussion and analysis can be found in the System for Electronic Document Analysis and Retrieval ("SEDAR+"), the electronic filing system for the disclosure documents of issuers across Canada at About WonderFi WonderFi is a global leader in centralized and decentralized financial services and products. With over $1.7 billion in client assets under custody, WonderFi's regulated trading platforms are well-positioned to service crypto participants on a global scale with trading, payments and decentralized products, including purpose-built blockchains and non-custodial wallet applications. Designed to provide investors with diversified investment exposure across the global digital asset ecosystem, the Company has a proven track record of launching new products and obtaining registrations. It is also the owner of market-leading brands, including Bitbuy, Coinsquare, Smartpay and As the world continues to move on-chain, WonderFi is strategically placed to capture both market and wallet share through ongoing innovation within the digital asset space. For more information, visit Additional Information For additional information, please contact: Media / Investor Relations Charlie Aikenhead Invest@ Forward-Looking Information and Statements This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control, including, specifically, the entering into of definitive agreements in respect of the partnership, the receipt of regulatory approvals in respect thereof, the timing of launch and the expected benefits of the partnership. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words. By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions, including the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and securityholder approvals; the ability of the parties to satisfy, in a timely manner, the other conditions for the completion of the Arrangement, and other expectations and assumptions concerning the proposed Arrangement. The anticipated dates indicated may change for a number of reasons, including the necessary regulatory, securityholder and court approvals, the necessity to extend the time limits for satisfying the other conditions for the completion of the proposed Arrangement. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking financial information and statements are the following: the failure of the parties to obtain the necessary securityholder, regulatory and court approvals or to otherwise satisfy the conditions for the completion of the Arrangement in a timely manner. Failure to obtain the necessary securityholder, regulatory and court approvals, or the failure of the parties to otherwise satisfy the conditions for the completion of the Arrangement or to complete the Arrangement, may result in the Arrangement not being completed on the proposed terms or at all. These risks are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company's future decisions and actions will depend on management's assessment of all information at the relevant time. A more fulsome description of risk factors that may impact business, financial condition and results of operation with respect to WonderFi is set out in its management's discussion and analysis and financial statements for the period ended March 31, 2025, available on its SEDAR+ profile at Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. All financial amounts referenced herein are in Canadian dollars unless otherwise expressly identified.
