California-based financial services company Robinhood Markets has agreed to buy Canadian crypto firm WonderFi for $178.98 million

Robinhood Markets Inc. agreed to acquire WonderFi Technologies Inc., the operator of two Canadian cryptocurrency platforms, for about C$250 million ($179 million) in cash. The fintech will purchase all of WonderFi’s issued and outstanding common shares for 36 Canadian cents apiece,

Haywood Capital Markets analyst Gianluca Tucci says the $0.36-per-share all-cash offer undervalues WonderFi’s strong position in Canada’s crypto market and leaves room for a higher bid, even as the deal gives Robinhood a fast track into the country’s financial landscape.