Canadian fintech company WonderFi, backed by billionaire Kevin O’Leary, has recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM. This partnership will strengthen Localcoin’s crypto ATM offerings across Canada by leveraging Bitbuy’s exchange platform and its “deep liquidity” capabilities, according to a press release from WonderFi.
Bitbuy, which was the first cryptocurrency exchange to receive full regulatory approval in Canada, was acquired by WonderFi in January 2023 for approximately $162 million (206 million Canadian dollars). Localcoin operates the largest cryptocurrency ATM network in Canada, with its 900 machines accounting for about 33% of the national total of approximately 2,700 ATMs. This makes Canada the second largest adopter of cryptocurrency, following the United States.
Through this partnership, Bitbuy’s digital asset services will cover almost 50% of Canada’s Bitcoin ATMs. The move comes at a time when the Ontario Securities Commission predicts that more than 30% of Canadians plan to purchase crypto assets in 2023, despite some crypto companies leaving the market due to regulatory changes.
WonderFi CEO Dean Skurka believes that increased regulatory clarity in Canada is attracting institutional investors to the cryptocurrency and digital asset space. This aligns with the company’s goal of bringing crypto to the masses. Localcoin ATM CEO Tristan Fong also announced the forthcoming launch of a Localcoin Wallet app and an expanded range of cryptocurrencies available at their ATMs.
Overall, the partnership between Bitbuy and Localcoin ATM aims to strengthen and expand the cryptocurrency ATM network in Canada, providing greater accessibility and convenience for crypto enthusiasts and potential investors.
– [Yahoo Finance](https://ca.finance.yahoo.com/news/bitbuy-partners-localcoin-canadas-largest-120000473.html?guccounter=1)
– [WonderFi Twitter](https://twitter.com/WonderFi/status/1703760155878301728?ref_src=twsrc%5Etfw)
– [Cointelegraph – WonderFi’s Acquisition of Bitbuy](https://cointelegraph.com/news/kevin-o-leary-backed-wonderfi-to-buy-bitbuy-parent-company-for-162m)
– [Cointelegraph – Canadian Crypto Adoption](https://cointelegraph.com/news/more-than-30-of-canadians-plan-to-purchase-crypto-by-2024-says-osc-head)
– [Cointelegraph – Regulatory Clarity in Canada](https://cointelegraph.com/news/canada-s-regulatory-clarity-is-bringing-institutions-to-crypto-wonderfi-ceo)
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