The news: Robinhood will acquire Toronto-based crypto company WonderFi, paying a 41% premium over WonderFi’s recent stock price, per Betakit.

The strategy: Robinhood aims to accelerate its crypto expansion in Canada through this acquisition, leveraging WonderFi’s established presence and 1.7 million customers. WonderFi will continue operating its products if the acquisition gets approved by Canadian regulators, and it has already consolidated several Canadian crypto exchanges such as Bitbuy and Coinsquare under its brand.

This follows Robinhood’s previous moves to expand its services internationally—for example, it purchased Luxembourg’s Bitstamp exchange. But with this acquisition, Robinhood can enter into the Canadian market for the first time, per The Block.