WonderFi Partners with Bitbuy and Localcoin ATM to Expand Crypto ATM Offerings in Canada
Summary:
WonderFi, backed by Kevin O'Leary, forms a strategic partnership between Bitbuy and Localcoin ATM to enhance cryptocurrency ATM offerings in Canada. The collaboration will help expand Localcoin's network by utilizing the exchange platform of Bitbuy, enabling access to deep liquidity. Bitbuy, the first fully regulated cryptocurrency exchange in Canada, now powers almost 50% of the country's Bitcoin ATMs. Localcoin currently operates the largest network of crypto ATMs in Canada. As part of the partnership, Localcoin plans to launch a new wallet app and expand the range of cryptocurrencies available at their ATMs.
WonderFi, a Canadian fintech corporation backed by billionaire Kevin O'Leary, has recently unveiled a strategic partnership between Bitbuy, a cryptocurrency exchange, and Localcoin ATM, a cryptocurrency ATM provider. The collaboration aims to enhance Localcoin's crypto ATM services across Canada by leveraging Bitbuy's exchange platform and its "deep liquidity," as stated in a press release from WonderFi. Bitbuy, which received full regulatory approval in Canada and was acquired by WonderFi earlier this year for approximately $162 million, will now power almost 50% of Canada's Bitcoin ATMs. Localcoin currently operates the largest network of cryptocurrency ATMs in Canada, with its 900 machines accounting for about 33% of the national total, making Canada second only to the U.S. in terms of adoption. The partnership comes at a time when the Ontario Securities Commission predicts a significant increase in crypto asset purchases by Canadians in 2023. Despite the exit of certain crypto companies due to regulatory changes, WonderFi's CEO believes that the regulatory clarity is attracting institutional investors to the Canadian crypto market. In addition to the partnership announcement, Localcoin ATM's CEO revealed plans to launch a Localcoin Wallet app and expand the range of cryptocurrencies available at their ATMs.
Published At
9/18/2023 6:30:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.