Canadian fintech corporation WonderFi, which is 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, aims to enhance Localcoin’s cryptocurrency ATM offerings across Canada with Bitbuy’s exchange platform and the “deep liquidity” it provides, according to a press release from WonderFi.
Bitbuy, the first cryptocurrency exchange to receive full regulatory approval in Canada, was acquired by WonderFi in January 2023 through the purchase of its parent company, First Ledger Corp., for approximately $162 million (206 million Canadian dollars).
Localcoin is known for operating the largest cryptocurrency ATM network in Canada, with its 900 machines accounting for around 33% of the country’s total. Canada currently ranks second only to the United States in terms of cryptocurrency adoption, with approximately 2,700 ATMs nationwide. Through this partnership, Bitbuy’s digital asset services are expected to cover nearly 50% of Canada’s Bitcoin ATMs.
The partnership comes at a time when the Ontario Securities Commission CEO, Grant Vingoe, expressed that the regulator believed over 30% of Canadians plan to purchase crypto assets in 2023. Despite the recent departure of several crypto companies from the Canadian market due to regulatory changes, WonderFi CEO Dean Skurka believes that increased regulatory clarity is attracting institutional investors to the cryptocurrency and digital asset space in Canada.
In addition to the partnership, Localcoin ATM CEO Tristan Fong also announced the impending launch of the Localcoin Wallet app, as well as an undisclosed “extended range” of cryptocurrencies that will be available at Localcoin ATMs. Fong stated that Localcoin is continuously evaluating opportunities to expand and improve its offerings and is committed to bringing crypto to the masses.
The news of the partnership between Bitbuy and Localcoin has garnered attention in the cryptocurrency community, with many highlighting the potential impact on Canada’s growing crypto industry. The collaboration between one of the country’s leading cryptocurrency exchanges and the largest cryptocurrency ATM provider is expected to provide greater accessibility and liquidity for Canadian crypto users.
With Canada’s regulatory landscape becoming more favorable for the cryptocurrency industry, it is anticipated that more partnerships and collaborations will emerge in the coming months. The growing interest and adoption of cryptocurrencies among Canadians, coupled with the support of institutional investors, indicate a promising future for the country’s crypto market.