Canadian fintech corporation WonderFi, with backing from billionaire Kevin O’Leary, has unveiled a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM. This significant collaboration, announced on September 18, aims to strengthen Localcoin’s cryptocurrency ATM network across Canada by integrating Bitbuy’s exchange platform, known for its deep liquidity.
Bitbuy will leverage Localcoin’s ATM to provide its services
Bitbuy holds the distinction of being the first cryptocurrency exchange in Canada to secure full regulatory approval, making it a key player in the country’s crypto landscape. In January 2023, WonderFi acquired Bitbuy’s parent company, First Ledger Corp., in a deal valued at nearly $162 million (206 million Canadian dollars). Localcoin ATM is recognized for operating the largest cryptocurrency ATM network in Canada, boasting a whopping 900 machines.
These ATMs constitute approximately 33% of the national total, which currently stands at around 2,700. Canada’s extensive adoption of cryptocurrency ATMs ranks it second only to the United States in terms of total deployment. With the newly announced partnership, Bitbuy’s digital asset services are set to encompass nearly 50% of Canada’s Bitcoin ATMs. This strategic move positions Bitbuy and Localcoin ATM as influential players in Canada’s rapidly evolving crypto landscape.
Localcoin eyes the expansion as the road to further crypto adoption
This collaboration aligns with the Ontario Securities Commission’s (OSC) belief that over 30% of Canadians intend to invest in crypto assets in 2023, despite the exit of several crypto companies from the market. While ByBit and Binance departed from the Canadian crypto scene due to regulatory changes, Dean Skurka, CEO of WonderFi, emphasized that increased regulatory clarity is attracting institutional investors to Canada’s cryptocurrency and digital asset space.
Tristan Fong, CEO of Localcoin ATM, also announced exciting developments on the horizon. Localcoin ATM is gearing up to launch the Localcoin Wallet app, providing users with a seamless crypto experience. Additionally, an expanded range of cryptocurrencies will soon be available at Localcoin ATMs, further diversifying their offerings. Fong expressed their commitment to bringing cryptocurrency to the masses, highlighting their dedication to growth and enhancement.
The partnership between Bitbuy and Localcoin ATM signifies a pivotal moment for Canada’s cryptocurrency ecosystem. As the crypto industry continues to evolve, this collaboration is poised to facilitate easier access to digital assets for Canadians while driving further innovation in the crypto ATM sector. Canada’s growing appetite for crypto assets, combined with regulatory clarity, is setting the stage for continued crypto adoption and investment in the country.
