Bitbuy and Localcoin ATM have forged a strategic partnership. This partnership, announced on September 18, promises to reshape the crypto ATM landscape and bring enhanced services to crypto enthusiasts across Canada. WonderFi, the Canadian fintech powerhouse backed by billionaire Kevin O’Leary, facilitated this transformative collaboration.
Bitbuy’s Powerful Exchange Platform Meets Localcoin ATM’s Network
Bitbuy, a trailblazing cryptocurrency exchange, marked its place in history by becoming the first exchange in Canada to secure full regulatory approval. WonderFi’s acquisition of Bitbuy’s parent company, First Ledger Corp., in January 2023 for approximately $162 million (206 million Canadian dollars) solidified Bitbuy’s position as an industry leader.
Localcoin ATM, boasting the largest cryptocurrency ATM network in Canada, commands a significant presence in the nation’s crypto landscape. With 900 machines, constituting around 33% of the national total of approximately 2,700 crypto ATMs, Localcoin ATM stands as a key player in this burgeoning industry. Canada’s crypto ATM adoption rate is second only to the United States.
Expanding Access to Bitbuy’s Digital Asset Services
Through this strategic partnership, Bitbuy aims to extend its digital asset services, covering nearly 50% of Canada’s Bitcoin ATMs. This development comes at a time when more than 30% of Canadians plan to invest in crypto assets in 2023, despite the departure of several crypto companies from the market.
While some prominent names, like ByBit and Binance, have exited the Canadian crypto scene, WonderFi CEO Dean Skurka remains optimistic. He believes that increased regulatory clarity is attracting institutional investors to Canada’s crypto and digital asset landscape.
Localcoin ATM’s Vision: Beyond ATMs
Tristan Fong, the CEO of Localcoin ATM, shared exciting plans for the future. In addition to bolstering their ATM network, Localcoin ATM is gearing up to launch the Localcoin Wallet app. Furthermore, they are set to expand their cryptocurrency offerings, adding a variety of new coins to their portfolio.
Fong stated,
“We’re always evaluating opportunities to grow and enhance our offerings. As part of our aggressive Canadian & International network expansion, we’re also excited to announce upcoming features: an extended range of cryptocurrencies available at our ATMs, our Localcoin Wallet app, and the ability to sell bitcoins online for e-transfer or cash pick up at our locations. While full details are on the horizon, we’re committed to bringing crypto to the masses.”
Read More:
Malta Commences Public Feedback Process for Updated Crypto Regulations in Alignment with MiCA