WonderFi, a Canadian fintech firm, has unveiled a strategic partnership between Bitbuy and Localcoin ATM, a cryptocurrency ATM provider. This partnership, announced on September 18, will bolster Localcoin's cryptocurrency ATM services across Canada through Bitbuy's trading platform, which offers "deep liquidity, " according to a WonderFi press release. Bitbuy is the first cryptocurrency exchange to receive full approval from Canadian regulators. WonderFi acquired Bitbuy in January 2023 when it purchased First Ledger Corp., Bitbuy's parent company, for nearly $162 million (C$206 million).
Localcoin is reputed to operate the largest cryptocurrency ATM network in Canada, with 900 machines, representing about 33% of the country's total, or roughly 2,700 machines. This makes Canada the second-largest market for cryptocurrency ATMs, trailing only the United States, according to the press release. Through this partnership, Bitbuy's digital asset services will reportedly reach nearly 50% of Bitcoin ATMs in Canada.
In a statement last year, Grant Vinoe, CEO of the Ontario Securities Commission, revealed that the regulator believed "over 30% of Canadians plan to purchase crypto assets in 2023," despite several cryptocurrency firms leaving the market.
While ByBit and Binance have both exited the Canadian cryptocurrency space, citing regulatory changes, WonderFi CEO Dean Skurka stated in a recent interview that increased regulatory transparency is attracting institutional investors to Canada's cryptocurrency and digital asset sector. Tristan Fong, CEO of Localcoin ATM, also mentioned plans for a Localcoin wallet app and an expanded range of cryptocurrencies on Localcoin ATMs in an announcement: "We are always evaluating opportunities to grow and enhance our products. As part of our aggressive Canadian and international network expansion, we are also excited to announce Upcoming features: more cryptocurrencies available on our ATMs, our Localcoin Wallet app, and the ability to sell Bitcoin online for electronic transfers or cash withdrawals at our locations.While full details are coming soon, we are committed to bringing cryptocurrency to the masses."
