WonderFi, a Canadian fintech entity backed by magnate Kevin O’Leary, has heralded a collaboration between cryptocurrency exchange Bitbuy and Canada’s leading crypto ATM firm, Localcoin ATM.
Announced on September 18, the collaboration aims to enhance Localcoin’s ATM services in Canada, integrating them with Bitbuy’s exchange platform and the robust liquidity it boasts, as per a press statement from WonderFi.
Bitbuy holds the distinction of being Canada’s first crypto exchange to attain full regulatory consent. In January 2023, WonderFi secured Bitbuy by acquiring its parent firm, First Ledger Corp., in a deal amounting to roughly $162 million (or 206 million Canadian dollars).
Localcoin is recognized for running the most extensive crypto ATM infrastructure in Canada. The press release highlighted that their 900 machines account for around 33% of Canada’s total, which sums up to nearly 2,700 ATMs. This places Canada just behind the US in the adoption rate.
With the new alliance in place, Bitbuy’s digital asset services are expected to encompass almost half of the nation’s Bitcoin ATMs.
Previously, Grant Vingoe, CEO of the Ontario Securities Commission, commented that over 30% of Canadians might be inclined towards crypto asset purchases in 2023, even as many crypto entities took their exit from the market.
Notably, crypto giants ByBit and Binance withdrew from the Canadian market, pointing to regulatory shifts. However, last month, WonderFi CEO Dean Skurka expressed to Cointelegraph that this regulatory transparency is indeed attracting institutional investors to the Canadian crypto and digital asset space.
In an exclusive statement to Cointelegraph, Localcoin ATM’s CEO, Tristan Fong, revealed upcoming ventures including the launch of the Localcoin Wallet app and an extended array of cryptocurrencies available at their ATMs. He added,
“Our aim remains consistent – growth and enhancement. In tandem with our proactive Canadian and global expansion, we’re thrilled to unveil new features: an augmented spectrum of cryptocurrencies at our ATMs, our very own Localcoin Wallet app, and a mechanism to sell bitcoins online, either through e-transfer or physical cash collection at our venues. Comprehensive details will be shared soon, but our dedication to democratizing cryptocurrency remains unwavering.”