Canadian fintech corporation WonderFi, with the backing of billionaire Kevin O’Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM. This collaboration aims to enhance Localcoin’s crypto ATM offerings in Canada by integrating Bitbuy’s exchange platform and its reputed “deep liquidity.”
About the Partnership
Bitbuy, the first cryptocurrency exchange in Canada to receive full regulatory approval, was acquired by WonderFi in January 2023 for a substantial amount of approximately $162 million (206 million Canadian dollars). By joining forces with Localcoin ATM, which operates the largest cryptocurrency ATM network in the country, Bitbuy’s digital asset services are expected to cover almost 50% of Canada’s Bitcoin ATMs.
Despite the recent departure of several crypto companies from the Canadian market due to regulatory changes, Ontario Securities Commission CEO Grant Vingoe stated that over 30% of Canadians plan to purchase crypto assets in 2023. This demonstrates a significant level of interest and confidence in the future of cryptocurrencies among the Canadian population.
Regulatory Clarity and Institutional Investment
According to WonderFi CEO Dean Skurka, the increased regulatory clarity in Canada is attracting institutional investors to the cryptocurrency and digital assets sector. The presence of clear regulations provides a sense of security and stability for these investors, encouraging them to explore opportunities in the Canadian market.
Expanding Offerings and Innovations
In addition to bolstering Localcoin’s ATM network, the partnership also entails the launch of new features and services. Localcoin ATM CEO Tristan Fong revealed plans for the introduction of the Localcoin Wallet app and an extended range of cryptocurrencies available at their ATMs. This expansion aims to enhance user experience and provide customers with more options when it comes to crypto transactions.
Canada stands as the second highest country in terms of cryptocurrency adoption, with approximately 2,700 crypto ATMs nationwide. Localcoin’s network of 900 machines accounts for approximately 33% of the total, highlighting its dominance in the market. The strategic partnership between Bitbuy and Localcoin ATM further solidifies Canada’s position as a leading country in the global crypto landscape.
The strategic partnership between Bitbuy and Localcoin ATM is a significant development for the Canadian cryptocurrency market. By combining Bitbuy’s exchange platform with Localcoin’s extensive ATM network, the collaboration aims to provide users with a seamless and efficient experience when buying and selling cryptocurrencies. The planned introduction of new features and offerings further demonstrates a commitment to innovation and meeting the evolving needs of customers. With Canada’s increasing adoption of cryptocurrencies and the influx of institutional investors, this partnership is poised to drive the growth and development of the Canadian crypto ecosystem.