Canadian fintech corporation WonderFi, a firm backed by billionaire Kevin O\u2019Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM.<\/p>\n
The partnership, announced on Sept. 18, will shore up Localcoin\u2019s crypto ATM offerings throughout Canada with Bitbuy\u2019s exchange platform and the \u201cdeep liquidity\u201d that comes with it, according to a press release from WonderFi. <\/p>\n
Bitbuy was the first cryptocurrency exchange to receive full regulatory approval in Canada. It was acquired by WonderFi in the January 2023 purchase of its parent company, First Ledger Corp., for close to $162 million (206 million Canadian dollars).<\/p>\n
Localcoin purportedly operates the largest cryptocurrency ATM network in Canada. According to the press release, its 900 machines make up some 33% of the national total \u2014 which stands at approximately 2,700, making Canada second only to the United States in total adoption. <\/p>\n
https:\/\/www.youtube.com\/embed\/-u_OAayO5Io<\/p>\n
According to the press release, with this partnership, \u201cBitbuy\u2019s digital asset services will cover nearly 50% of Canada\u2019s Bitcoin ATMs.\u201d<\/p>\n
Last year, Ontario Securities Commission CEO Grant Vingoe said the regulator believed \u201cmore than 30 per cent of Canadians plan to buy crypto assets\u201d in 2023, despite the recent exodus of numerous crypto companies from the market.<\/p>\n
As Cointelegraph previously reported, while ByBit and Binance both made their exits from the Canadian cryptocurrency scene, citing regulatory changes, WonderFi CEO Dean Skurka told Cointelegraph last month that the increased regulatory clarity was bringing institutional investors to cryptocurrency and digital assets to Canada. <\/p>\n