Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Canadian fintech company WonderFi, supported by billionaire Kevin O’Leary, has recently revealed a strategic collaboration between Bitbuy and cryptocurrency ATM provider Localcoin ATM.
This partnership, disclosed on Sept. 18, aims to enhance Localcoin’s cryptocurrency ATM services across Canada by integrating Bitbuy’s exchange platform and the accompanying “deep liquidity,” as stated in a press release from WonderFi.
Related Posts
PRESS RELEASE: Bitbuy Partners with Localcoin, Canada's Largest Bitcoin ATM Provider
Bitbuy’s digital asset services now support nearly 50% of Canada’s Bitcoin ATMs
MORE DETAILS: https://t.co/rqBDoHev1O— WonderFi (@WonderFi) September 18, 2023
Bitbuy was the inaugural cryptocurrency exchange to obtain complete regulatory approval in Canada. It was acquired by WonderFi in January 2023 as part of the purchase of its parent company, First Ledger Corp., for approximately $162 million (206 million Canadian dollars).
Localcoin reportedly operates the largest network of cryptocurrency ATMs in Canada. The press release indicates that its 900 machines account for around 33% of the national total, which is approximately 2,700, placing Canada second only to the United States in overall adoption.
The press release states that through this collaboration, “Bitbuy’s digital asset services will encompass nearly 50% of Canada’s Bitcoin ATMs.”
Last year, Ontario Securities Commission CEO Grant Vingoe mentioned that the regulator estimated “more than 30 percent of Canadians plan to purchase crypto assets” in 2023, despite the recent departure of several crypto firms from the market.
As previously reported by Cointelegraph, while ByBit and Binance exited the Canadian cryptocurrency landscape, citing regulatory shifts, WonderFi CEO Dean Skurka informed Cointelegraph last month that the enhanced regulatory clarity was attracting institutional investors to cryptocurrency and digital assets in Canada.
Related: CoinSmart president states crypto taxes are a ‘little bit more favorable’ outside US
In a statement to Cointelegraph, Localcoin ATM CEO Tristan Fong also announced the forthcoming launch of a Localcoin Wallet app and an undisclosed “extended range” of cryptocurrencies available at Localcoin ATMs:
“We’re always assessing opportunities to expand and improve our offerings. As part of our ambitious Canadian & International network growth, we’re also thrilled to announce upcoming features: an extended range of cryptocurrencies available at our ATMs, our Localcoin Wallet app, and the capability to sell bitcoins online for e-transfer or cash pickup at our locations. While full details are forthcoming, we’re dedicated to making crypto accessible to everyone.”
