Canadian fintech corporation, WonderFi, backed by billionaire Kevin O’Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM. This partnership aims to strengthen Localcoin’s crypto ATM offerings throughout Canada by leveraging Bitbuy’s exchange platform and its deep liquidity.
WonderFi’s press release highlights that Bitbuy, the first cryptocurrency exchange to receive full regulatory approval in Canada, was acquired for $162 million in a deal that included the purchase of its parent company, First Ledger Corp. By utilizing Bitbuy’s platform, Localcoin – which operates the largest cryptocurrency ATM network in Canada with 900 machines – aims to enhance its offerings and improve adoption rates. This alliance will result in Bitbuy’s digital asset services now covering nearly half of Canada’s Bitcoin ATMs.
Despite the recent departure of several crypto companies from the market, the Ontario Securities Commission CEO, Grant Vingoe, noted that over 30% of Canadians planned to invest in crypto assets in 2023. In light of this, WonderFi CEO Dean Skurka believes that the increased regulatory clarity in Canada is attracting institutional investors to the cryptocurrency and digital asset market.
In addition to the partnership, Localcoin ATM CEO Tristan Fong announces the upcoming launch of the Localcoin Wallet app. This app will enable users to access a broader range of cryptocurrencies at Localcoin ATMs, further expanding the convenience and accessibility of their services. Moreover, users will have the ability to sell bitcoins online for e-transfer or cash pickup at Localcoin locations, providing greater flexibility.
Canada has emerged as a prominent player in the global cryptocurrency landscape, second only to the United States in terms of adoption. The country currently boasts approximately 2,700 crypto ATMs, with Localcoin’s network accounting for around 33% of the total. The WonderFi and Bitbuy partnership will bolster Canada’s crypto ATM infrastructure, allowing more Canadians to conveniently access and transact with digital assets.
As cryptocurrency and digital assets continue to grow in popularity, partnerships like the one between WonderFi, Bitbuy, and Localcoin ATM showcase the potential for further development and innovation within the Canadian market. The ease of access, increased range of cryptocurrencies, and improved regulatory clarity are attracting not only retail investors but also institutional players to the country’s thriving crypto ecosystem.
The strategic partnership between WonderFi, Bitbuy, and Localcoin ATM marks a significant step in strengthening Canada’s cryptocurrency ATM network. By leveraging Bitbuy’s exchange platform and deep liquidity, Localcoin aims to enhance its offerings and increase adoption rates. With the impending launch of the Localcoin Wallet app and expanded cryptocurrency options, Canadians will have more access to digital assets than ever before. This partnership serves as a testament to Canada’s commitment to fostering innovation in the cryptocurrency space and solidifying its position as a leader in the global market.