Bitbuy Forms Strategic Alliance with Canadian Cryptocurrency ATM Company, Localcoin

Canadian fintech company WonderFi, which boasts billionaire Kevin O’Leary among its backers, has unveiled an exciting partnership between Bitbuy and Localcoin ATM, a cryptocurrency ATM provider.

This strategic collaboration, officially announced on September 18, will fortify Localcoin’s cryptocurrency ATM services across Canada, integrating Bitbuy’s exchange platform and leveraging the substantial liquidity it offers, as outlined in a press release from WonderFi.

Bitbuy holds the distinction of being the first cryptocurrency exchange to secure full regulatory approval in Canada. The acquisition of Bitbuy by WonderFi took place in January 2023 when First Ledger Corp., Bitbuy’s parent company, was purchased for nearly $162 million (206 million Canadian dollars).

Localcoin ATM is reputed to operate the largest cryptocurrency ATM network in Canada. According to the press release, their 900 ATMs account for approximately 33% of the country’s total, which currently stands at around 2,700, placing Canada second only to the United States in terms of total adoption.

This partnership will significantly expand Bitbuy’s digital asset services, extending their coverage to nearly 50% of Canada’s Bitcoin ATMs.

Interestingly, last year, Grant Vingoe, CEO of the Ontario Securities Commission, noted that the regulator believed that “more than 30 percent of Canadians plan to buy crypto assets” in 2023. This is noteworthy, especially considering the departure of several crypto companies from the Canadian market.

While both ByBit and Binance exited the Canadian cryptocurrency scene citing regulatory shifts, Dean Skurka, CEO of WonderFi, highlighted the increased regulatory clarity as a catalyst attracting institutional investors to the Canadian cryptocurrency and digital asset space.

Tristan Fong, CEO of Localcoin ATM, also shared exciting news, announcing the upcoming launch of the Localcoin Wallet app and an undisclosed “expanded selection” of cryptocurrencies that will be accessible at Localcoin ATMs. Fong stated, “We’re constantly exploring opportunities to expand and enrich our offerings. As part of our ambitious expansion plan in Canada and internationally, we’re also thrilled to reveal upcoming enhancements, including a broader range of cryptocurrencies at our ATMs, our Localcoin Wallet app, and the option to sell bitcoins online for e-transfer or cash pickup at our locations. While we’ll be sharing full details in the near future, our commitment remains bringing cryptocurrencies to a wider audience.”

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