WonderFi

What WonderFi does

WonderFi Technologies Inc. was a Canadian digital asset platform that developed, incubated, and invested in centralized and EVM-compatible decentralized products through a portfolio of wholly-owned regulated brands. Founded in 2021 in Toronto and publicly listed on the TSX (WNDR) until its 2026 acquisition, the company's core operating businesses were the regulated crypto trading platforms Bitbuy — the first crypto-native registered dealer to obtain a staking license through the OSC and CSA — and Coinsquare, the first crypto-native marketplace accepted as a CIRO member firm. Together these platforms constituted two of only six registered crypto trading platforms in Canada and together held approximately C$2.1–2.3 billion in client assets under custody across roughly 300,000 funded retail, institutional, and corporate clients.

The underlying technology combined regulated centralized exchanges with on-chain infrastructure: Ethereum validator nodes to support staking and validation, purpose-built blockchains, non-custodial wallet applications, OTC trading infrastructure, a planned DeFi consumer app branded "DeFi Simplified" (which remained in pre-launch / waitlist state), and SmartPay, a crypto-to-fiat B2B payment processing service that the company decided to orderly wind up in Q3 2025. WonderFi also operated Bitcoin.ca as a Bitcoin investor education hub for Canadian individuals and corporations. Revenue was generated primarily through transaction fees on crypto trading, interest income on client assets under custody, staking fees, OTC trading spreads, and brokerage commissions on U.S. stocks and ETFs (added on Bitbuy to compete with Wealthsimple). Combined Bitbuy and Coinsquare revenue and interest income reached C$49.8M in FY2025 with C$2.1M positive Adjusted EBITDA, before the entire operating company was acquired by Robinhood Markets, Inc. on June 1, 2026 for C$0.36 per share (C$250M total equity value) and rebranded under the Robinhood brand with a flat 0.5% fee per CAD trade for Canadian users.

Name

WonderFi

Legal name

WonderFi Technologies Inc.

Website

https://wonder.fi

Company type

Public

Founded year

2021

Operating status

Acquired

Headcount range

101–250 employees

Short description

WonderFi was a Canadian digital asset platform operating regulated crypto exchanges Bitbuy and Coinsquare, serving roughly 300,000 retail, institutional, and corporate clients with approximately C$2.3 billion in assets under custody before being acquired by Robinhood Markets in June 2026.

Ownership category

akta.pro rank

Product category

Cryptocurrency Trading Platform

NAICS

Securities and Commodity Exchanges (5232), Other Financial Vehicles (525990)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

DEX Aggregation & On-Chain Execution (routing, RFQ, intent-based trading) (FSAPAEAD)

akta.pro secondary industries

Borrowing/Lending Risk & Credit Infrastructure (on-chain credit scoring, risk engines, insurance wrappers) (FSAPAEAI), Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ), Tokenized Collateral & On-Chain Credit Infrastructure (Collateral Mgmt, Liquidations) (FSAGAMAK)

Keywords

• Cryptocurrency trading platform
• Crypto staking services
• Crypto payment processing
• Digital asset exchange
• Over-the-counter crypto trading

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Crypto trading transaction fees: Revenue and interest income generated from crypto trading activity on Bitbuy and Coinsquare, Canada's two regulated crypto trading platforms. Q3 2025 revenue and interest income of approximately $11.7 million (a 47.5% YoY increase) and combined 2025 Bitbuy + Coinsquare revenue and interest income of $49.8 million.
2. OTC (over-the-counter) and structured crypto products: OTC trading services and structured crypto products offered to advanced traders, institutions, and corporate clients via Bitbuy and Coinsquare. Post-Robinhood acquisition, Canadian users are offered a flat 0.5% fee per CAD trade on the Robinhood app.
3. Interest income on client crypto assets under custody: Interest income earned on client assets held in custody. As of September 30, 2025, Bitbuy and Coinsquare surpassed $2.3 billion in client assets under custody, with $1.6B+ reported in 2026 prior to closing.
4. Staking services revenue: Bitbuy, the first crypto-native registered dealer to obtain a staking license through the OSC and CSA, generates revenue from crypto staking services for users.
5. SmartPay B2B payment processing fees: SmartPay is positioned as a payment business for businesses to send and receive crypto payments globally, transforming crypto transactions into fiat currency with high-volume processing and instant settlements. Note: WonderFi decided to orderly wind up the SmartPay business segment in Q3 2025.
6. U.S. stock and ETF trading (Bitbuy): Bitbuy expanded beyond crypto into U.S. stock and ETF trading, taking aim at Wealthsimple, providing a new revenue stream from brokerage commissions on traditional securities.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels10 records

Core offering

WonderFi owned and operated a portfolio of 100%-owned regulated Canadian cryptocurrency trading brands, including Bitbuy (crypto trading, staking, OTC, and corporate crypto services for advanced retail, institutional, and corporate clients) and Coinsquare (a CIRO-member crypto marketplace for trading, payments, and decentralized products). The platform also operated SmartPay (B2B crypto-to-fiat payments, being wound down), Bitcoin.ca (a Bitcoin investor education and services hub), and was developing the WonderFi App ("DeFi Simplified") combining swap & trade, interest-earning, DeFi Index exposure, and performance measurement. WonderFi served approximately 300,000 funded customers with roughly C$2.1–2.3 billion in client assets under custody.

Product overview

WonderFi was a Canadian leader in centralized and decentralized digital-asset financial services and products, structured as a holding company over a portfolio of 100%-owned operating brands rather than a single unified consumer product. Its core regulated trading platforms were Bitbuy (a registered dealer and crypto trading platform for advanced retail, institutional, and corporate clients, also the first crypto-native registered dealer to obtain a staking license through the OSC and CSA) and Coinsquare (a CIRO member-firm crypto marketplace, with Coinsquare Capital Markets Ltd. acting as WonderFi's CIRO-regulated subsidiary). Alongside these, WonderFi owned SmartPay (a B2B crypto-to-fiat payments service that was being orderly wound down in Q3 2025) and Bitcoin.ca (a Bitcoin investor education and services hub for Canadians). Complementing the centralized platforms, WonderFi was developing its own consumer DeFi app — the WonderFi App ("DeFi Simplified"), which was in pre-launch / waitlist status and intended to combine swap & trade, earn-interest, market-index exposure, and performance-tracking features. Across these brands, the platform served roughly 300,000 funded customers and held approximately C$1.6–2.1 billion in client assets under custody. In May 2025, WonderFi entered into a definitive agreement to be acquired by Robinhood Markets, Inc. for C$0.36 per share (C$250 million total equity value), and the acquisition closed on June 1, 2026, after which WonderFi became a wholly-owned subsidiary of Robinhood and the Bitbuy and Coinsquare brands were slated to be rebranded under the Robinhood name.

Differentiator

Problem solved

Functional benefit

Brands

• Bitbuy: Canada's leading regulated cryptocurrency platform for advanced traders, institutions and corporate clients; offers crypto trading, staking, corporate crypto services and OTC trading. 100% owned by WonderFi. First crypto-native registered dealer to obtain a staking license through the OSC and CSA.
• Coinsquare
• SmartPay
• Bitcoin.ca

Products and services

• Bitbuy Bitbuy is Canada's leading regulated cryptocurrency platform catering to the advanced trader, institutions, and corporate clients. It offers crypto trading, staking (licensed via OSC and CSA), corporate crypto services, and OTC trading, and is the first crypto-native registered dealer to obtain a staking license through the OSC and CSA. Bitbuy also offers U.S. stock and ETF trading to compete with Wealthsimple.
• Coinsquare Coinsquare is a Canadian crypto marketplace and the first crypto-native marketplace accepted as a CIRO (formerly IIROC) member firm. The platform simplifies and enhances how financial assets are managed, traded and transferred, offering crypto trading, payments, and decentralized products via its wholly-owned subsidiary Coinsquare Capital Markets Ltd. (CCML).
• SmartPay SmartPay is a crypto-to-fiat payment processing solution for businesses to send and receive crypto payments globally with high-volume processing, instant settlements, and fiat conversion within an integrated financial ecosystem. WonderFi decided to orderly wind up the SmartPay business segment in Q3 2025.
• Bitcoin.ca Bitcoin.ca is an online hub offering Bitcoin investor education content and Bitcoin-related services for individuals and corporations in Canada, serving as a trusted resource for learning about and investing in Bitcoin.
• WonderFi App (DeFi Simplified) The WonderFi App is positioned as "DeFi Simplified" and offers four core capabilities: Swap & trade, Earn interest on assets, Own market through indexes, and Measure performance. The platform page was password-protected and the app was in a pre-launch / email-waitlist state at the time of the website snapshot.

Quantifiable outcome

• Q3 2025 revenue and interest income of approximately $11.7 million, a 47.5% YoY increase.
• +7 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

13 partnerships are on record, tiered flagship, minor, moderate and major.

• Robinhood Markets, Inc. (NASDAQ: HOOD)flagshipStrategic or Co-development Partner · 13 May 2025On May 13, 2025, WonderFi announced a definitive agreement with Robinhood Markets for Robinhood to indirectly acquire all issued and outstanding common shares of WonderFi at C$0.36 per share in cash via a statutory plan of arrangement. Shareholders approved the deal on July 17, 2025 (96.28% in favour), and the Supreme Court of British Columbia issued a final order on July 21, 2025. CIRO approval was received on May 20, 2026. The acquisition was completed on June 1, 2026, with WonderFi becoming a wholly-owned subsidiary of Robinhood and Bitbuy/Coinsquare being rebranded under the Robinhood brand.
• Clyde & CominorImplementation/ SI/ Consulting Partner · 27 March 2024Clyde & Co advised WonderFi Technologies on its acquisition of FX Institution to expand in the Asia Pacific region (particularly Australia), enabling WonderFi to offer new cryptocurrency trading services including OTC structured products in Q2 2024.
• FX Institutions Pty. Ltd. (acquisition)moderateStrategic or Co-development Partner · 19 March 2024WonderFi acquired Australian crypto firm FX Institutions Pty. Ltd. for AUD 0.1 million, with plans to launch OTC crypto trading services in Australia in Q2 2024 and retail/institutional offerings by Q3 2024, leveraging Australia's high cryptocurrency adoption rate.
• Blockchain Foundry Inc. (BCF) (acquisition)majorStrategic or Co-development Partner · 1 September 2022WonderFi completed its acquisition of Blockchain Foundry Inc. (BCF) through a plan of arrangement finalized in November 2022, with approximately 26.3 million common shares of WonderFi issued to BCF shareholders. The deal expanded WonderFi's blockchain product offerings, consumer channels, and accelerated its Web3 initiatives.
• Coinberry (acquisition)majorStrategic or Co-development Partner · 20 April 2022WonderFi acquired Canadian crypto trading platform Coinberry in a $30 million (or $38.3-$38.5 million) all-stock deal, closed in July 2022 following regulatory approval. The acquisition significantly increased WonderFi's user base, assets under custody, and operational capacity, bringing the total to two of Canada's six registered crypto platforms with over 750,000 users.
• Bitbuy / First Ledger (acquisition)flagshipStrategic or Co-development Partner · 4 January 2022WonderFi acquired Canada's first regulated crypto marketplace Bitbuy (parent First Ledger) for $162 million (with reporting ranging up to $206-$208 million) in cash and shares. The deal was part of WonderFi's strategy to expand its cryptocurrency offerings and marked the first takeover of a regulated crypto platform in Canada.
• DeFi PulseminorStrategic or Co-development PartnerWonderFi partnered with DeFi Pulse to launch in-app DeFi Index exposure, enabling users to own and measure performance of the DeFi market through indexes integrated into the WonderFi app.
• Animal CapitalminorGTM or Marketing PartnerAnimal Capital partnered with WonderFi to drive crypto and DeFi adoption by minorities and Gen Z, expanding WonderFi's user demographic reach.
• Cassels Brock & Blackwell LLPminorImplementation/ SI/ Consulting PartnerCassels Brock & Blackwell LLP (Danielle DiPardo) acted as counsel for WonderFi in its applications to the Supreme Court of British Columbia regarding the AGM deadline extension tied to the Robinhood transaction.
• Computershare Investor Services Inc.minorImplementation/ SI/ Consulting PartnerComputershare Investor Services Inc. acted as depositary in connection with the Robinhood acquisition, assisting shareholders and holders of Brokers Warrants with submitting their shares to receive consideration.
• Canadian Investment Regulatory Organization (CIRO)flagshipOthersCIRO (formerly IIROC) granted the final regulatory approval on May 20, 2026 for Robinhood's acquisition of WonderFi via WonderFi's wholly-owned subsidiary Coinsquare Capital Markets Ltd. (CCML). Following this approval, no further regulatory approvals were required for the transaction.
• Canadian Competition BureaumoderateOthersOn July 17, 2025, Robinhood received a no-action letter from the Canadian Competition Bureau confirming that the Commissioner of Competition does not intend to make an application under section 92 of the Competition Act (Canada) in respect of the Robinhood-WonderFi Arrangement.
• Tetra Digital Group (formed around Tetra Trust)moderateStrategic or Co-development PartnerCalgary-based Tetra Trust (a WonderFi subsidiary, regulated Canadian cryptocurrency custodian) formed a new parent company called Tetra Digital Group and secured $10 million CAD in funding from banks and FinTechs to launch a Canadian-dollar stablecoin and expand its software business.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Coinbase Global: Coinbase is the largest publicly listed U.S. crypto exchange, offering retail and institutional trading, custody, staking, and developer infrastructure. It is comparable to WonderFi as a regulated, multi-product crypto platform serving retail and institutional clients, and represents the global scale target for WonderFi's Bitbuy/Coinsquare under Robinhood ownership.
• Kraken: Kraken is a global, regulated crypto exchange offering spot trading, staking, OTC, and institutional services. It is comparable to WonderFi in offering a regulated multi-product crypto stack and represents the kind of global incumbent WonderFi's centralized exchanges competed against at the institutional and advanced trader tier.
• Gemini: Gemini is a U.S.-based regulated crypto exchange and custodian founded by the Winklevoss twins. It is comparable to WonderFi's Bitbuy in being a regulatory-first, compliance-led exchange serving both retail and institutional clients.
• Binance (Canada operations): Binance is the world's largest crypto exchange by volume, with restricted Canadian operations. It represents the global incumbent peer against which WonderFi's regulated Canadian exchanges competed for advanced retail and institutional volume, particularly on token breadth and liquidity.

Direct peers

• NDAX (National Digital Asset Exchange): NDAX is a Calgary-based regulated Canadian cryptocurrency exchange serving retail and institutional clients. It is one of only six registered crypto platforms in Canada alongside Bitbuy and Coinsquare, making it a direct regulatory and commercial peer.
• Wealthsimple: Wealthsimple is Canada's largest direct-to-consumer investing platform offering crypto trading alongside stocks, ETFs, and savings. It is a direct competitor to both WonderFi's crypto platforms (Bitbuy, Coinsquare) and Bitbuy's newer U.S. stock/ETF offering, and is explicitly named in WonderFi's competitive positioning.
• Shakepay: Shakepay is a Canadian retail crypto platform enabling Bitcoin and Ethereum purchases, known for strong consumer brand and simple UX. It competes directly with Bitbuy and Coinsquare for retail Canadian crypto traders and represents the kind of mobile-first, education-led competitor WonderFi targeted with Bitcoin.ca.
• Bitvo: Bitvo is a Canadian regulated cryptocurrency trading platform whose customers were acquired by Bitbuy. It is directly comparable as a registered Canadian crypto platform competing for the same regulated retail and institutional client base.
• Newton (now part of Cygnus/Titan): Newton was a Canadian zero-commission crypto exchange serving retail traders before being acquired. It directly competed with Bitbuy and Coinsquare on retail crypto trading fees and product breadth in the Canadian market.

Regional players

• Questrade: Questrade is one of Canada's largest online brokerages, primarily focused on stocks, ETFs, and self-directed investing. It is comparable to the post-pivot Bitbuy U.S. stock/ETF offering as another domestic incumbent in Canadian retail brokerage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights6 records

Customer concentration

• Xx.com/WonderFi
• YouTubeyoutube.com/@WonderFi_WNDR
• LinkedInlinkedin.com/company/wonderfi
• Instagraminstagram.com/wonderfi

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries8 records

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A5 records

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about WonderFi