Canadian fintech corporation WonderFi, a firm backed by billionaire Kevin O’Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM.
The partnership, announced on Sep. 18, will shore up Localcoin’s crypto ATM offerings throughout Canada with Bitbuy’s exchange platform and the “deep liquidity” that comes with it, according to a press release from WonderFi.
PRESS RELEASE: Bitbuy Partners with Localcoin, Canada's Largest Bitcoin ATM Provider— WonderFi (@WonderFi) September 18, 2023
Bitbuy's digital asset offering now powers nearly 50% of Canada's Bitcoin ATMs
MORE DETAILS: https://t.co/rqBDoHev1O
Bitbuy was the first cryptocurrency exchange to receive full regulatory approval in Canada. It was acquired by WonderFi in the January 2023 purchase of its parent company First Ledger Corp., for close to $162 million (206 million Canadian dollars).
Localcoin purportedly operates the largest cryptocurrency ATM network in Canada. According to the press release, its 900 machines make up some 33% of the national total — which stands at approximately 2,700, making Canada second only to the U.S. in total adoption.
According to the press release, with this partnership, “Bitbuy's digital asset services will cover nearly 50% of Canada's Bitcoin ATMs.”
Last year, Ontario Securities Commission CEO Grant Vingoe said the regulator expected “more than 30 per cent of Canadians plan to buy crypto assets” in 2023, despite the recent exodus of numerous crypto companies from the market.
As Cointelegraph previously reported, while ByBit and Binance both made their exits from the Canadian cryptocurrency scene citing regulatory changes, WonderFi CEO Dean Skurka told Cointelegraph last month that the increased regulatory clarity was bringing institutional investors to cryptocurrency and digital assets to Canada.
Related: CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US
In a statement given to Cointelegraph, Localcoin ATM CEO Tristan Fong also announced the impending launch of a Localcoin Wallet app and an undisclosed “extended range” of cryptocurrencies available at Localcoin ATMs:
"We’re always evaluating opportunities to grow and enhance our offerings. As part of our aggressive Canadian & International network expansion, we’re also excited to announce upcoming features: an extended range of cryptocurrencies available at our ATMs, our Localcoin Wallet app, and the ability to sell bitcoins online for e-transfer or cash pick up at our locations. While full details are on the horizon, we’re committed to bringing crypto to the masses."