Canadian fintech corporation WonderFi, a firm backed by billionaire Kevin O’Leary, recently announced a strategic partnership between Bitbuy and cryptocurrency ATM provider Localcoin ATM.

The partnership, announced on Sept. 18, will shore up Localcoin’s crypto ATM offerings throughout Canada with Bitbuy’s exchange platform and the “deep liquidity” that comes with it, according to a press release from WonderFi.

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).

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 — which stands at approximately 2,700, making Canada second only to the United States in total adoption.

According to the press release, with this partnership, “Bitbuy’s digital asset services will cover nearly 50% of Canada’s Bitcoin ATMs.”

Last year, Ontario Securities Commission CEO Grant Vingoe said the regulator believed “more than 30 per cent of Canadians plan to buy crypto assets” in 2023, despite the recent exodus of numerous…

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