WonderFi, a Canadian fintech company backed by billionaire Kevin O’Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM.
The partnership, announced on September 18, will support Localcoin’s crypto ATM offerings across Canada through Bitbuy’s trading platform and the “deep liquidity” that comes with it, according to WonderFi’s press release.
Press Release: Bitbuy Partners with Localcoin, Canada’s Largest Bitcoin ATM Provider
Bitbuy’s digital asset products now power nearly 50% of Canada’s Bitcoin ATMs
More details: https://t.co/rqBDoHev1O
— WonderFi (@WonderFi) September 18, 2023
Bitbuy is the first cryptocurrency exchange to receive full approval from Canadian regulators. WonderFi acquired the company in January 2023 when it acquired its parent company First Ledger Corp. for nearly US$162 million (C$206 million).
Localcoin is said to operate the largest cryptocurrency ATM network in Canada. Its 900 machines represent about 33 per cent of the country’s total, or about 2,700 machines, putting Canada second only to the United States in total machine adoption, according to the release.
According to the press release, through this partnership, “Bitbuy’s digital asset services will cover nearly 50% of Bitcoin ATMs in Canada.”
Last year, Ontario Securities Commission CEO Grant Vinoe said the regulator expected “more than 30% of Canadians plan to purchase crypto assets in 2023,” despite the recent number of crypto companies exiting the market.
As Cointelegraph previously reported, while ByBit and Binance have both exited the Canadian cryptocurrency space citing regulatory changes, WonderFi CEO Dean Skurka told Cointelegraph last month that increased regulatory transparency is drawing institutional investors to Canada. Cryptocurrencies and digital assets.
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In a statement to Cointelegraph, Localcoin ATM CEO Tristan Fong also announced the upcoming launch of a Localcoin wallet app, as well as an undisclosed “expanded range” of cryptocurrencies on Localcoin ATM:
“We are always evaluating opportunities to grow and enhance our products. As part of our aggressive Canadian and international network expansion, we are also excited to announce upcoming features: more cryptocurrencies available on our ATMs, our Localcoin wallet app, and the ability to sell Bitcoin online for electronic transfer or cash withdrawal at one of our locations. While full details are coming soon, we are committed to bringing cryptocurrency to the masses.”
