Bitbuy's digital asset offering powers nearly 50% of Canada's Bitcoin ATMs
Toronto, Ontario--(Newsfile Corp. - September 18, 2023) - WonderFi Technologies Inc. (TSX: WNDR) (OTCQB: WONDF) (WKN: A3C166) ("WonderFi" or the "Company") is pleased to unveil an exciting strategic partnership between its wholly-owned subsidiary, Bitbuy Technologies Inc. ("Bitbuy"), and Localcoin, Canada's largest Bitcoin ATM provider. This collaborative venture between two of Canada's largest consumer-facing crypto companies marks a major milestone in enhancing cryptocurrency adoption and accessibility across the country.
Localcoin selected Bitbuy because of its scale, commitment to the Canadian market and strong regulatory positioning. Bitbuy is set to surpass 900,000 registered Canadian users by the end of the month, making it one of the largest crypto-trading platforms in the country. The platform caters to both retail and advanced traders, as well as high-net-worth and institutional clients, providing them with comprehensive trading and staking services.
Localcoin has been at the forefront of the cryptocurrency ATM sector in Canada, offering a network of easily accessible, user-friendly ATMs across the country where users can buy or sell Bitcoin, Ethereum, Litecoin and more. Established in 2017, Localcoin now boasts 920 ATMs, capturing 33% of cryptocurrency ATM market share in Canada.
Canada stands strong in the crypto ATM space with 2,747 ATMs, ranking it second globally. It trails only the US, showcasing Canada's robust adoption and prominence in the cryptocurrency infrastructure compared to other nations. Localcoin has partnered with industry leading convenience stores such as Hasty Market & INS Market. Localcoin offers a convenient and secure way for buying & selling crypto, emphasizing user accessibility and privacy.
With the Localcoin partnership finalized, Bitbuy's digital asset services will cover nearly 50% of Canada's Bitcoin ATMs.
"We are thrilled to announce this strategic partnership between Bitbuy and Localcoin, two of Canada's most established consumer brands for digital assets," said WonderFi Chief Executive Officer and President, Dean Skurka. "With access to deep liquidity through the Bitbuy marketplace, and Localcoin's extensive network of user-friendly ATMs, we firmly believe that this partnership exemplifies a commitment to offering seamless and user-friendly solutions for buying and selling digital assets."
Key benefits of the Bitbuy and Localcoin partnership include:
Reliable Liquidity: Bitbuy, known for its liquidity and efficient order execution, will now extend its liquidity pool to the Localcoin ATM network. This enhancement ensures that users at Localcoin ATM locations can buy or sell cryptocurrencies with confidence, knowing they will receive competitive prices and timely execution.
Competitive pricing via seamless API Integration: The partnership between Bitbuy and Localcoin will introduce a robust API integration, enabling a seamless connection between the two platforms. The liquidity and pricing will be brought to Localcoin via a smooth and efficient API experience. Localcoin users will enjoy the ease of access through Bitbuy's API.
Security: Both Bitbuy and Localcoin are committed to upholding the highest standards of security in the cryptocurrency industry, ensuring users' transactions and assets are protected.
"Our new partnership with Bitbuy is a game-changer," said Tristan Fong, co-founder of Localcoin. "By aligning with such a trusted name in the cryptocurrency space, we're ensuring our users get the most seamless experience. This collaboration not only enhances our service offerings, but also solidifies our commitment to making cryptocurrency more accessible to Canadians."
"Localcoin represents one of several corporate partners that the Bitbuy Private Wealth and Corporate Solutions desk has successfully partnered with in 2023," said Jeff Fitzgerald, Vice President of Sales at Bitbuy. "In August alone, the number of new corporate clients onboarded increased by nearly 30% compared to the previous month, setting the pace for a record-breaking year in terms of new client growth."
The integration of Bitbuy with the Localcoin ATM network will be implemented gradually in the upcoming weeks.
WonderFi Technologies Inc., through its subsidiaries, operates digital asset platforms trusted by over 1.6 million Canadians. WonderFi's Bitbuy, Coinsquare and CoinSmart crypto trading platforms provide Canadians with access to regulated crypto trading and staking. SmartPay, provides crypto payment processing on a global scale.
WonderFi boasts one of the largest communities of regulated crypto investors in Canada. For more information, visit www.wonder.fi.
Localcoin is a Toronto-based company whose mission is to provide a simple buying & selling experience of digital currency for customers across Canada. We are currently Canada's largest Bitcoin ATM network with over 900 cryptocurrency terminals across all provinces.
Partnered with Canada's leading corporate and franchised convenience stores, our rapidly expanding partnership network includes Gateway Newstands, Hasty Market, Quickies and more. With terminals across Canada, Localcoin has solidified its position as the Largest Bitcoin ATM provider in the nation. For further information about Localcoin, please visit localcoinatm.com.
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Forward-Looking Information and Statements
This press release contains certain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the beliefs of WonderFi Technologies Inc. ("WonderFi" or the "Company") regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such "could", "intend", "expect", "believe", "will", "projected", "planned", "estimated", "soon", "potential", "anticipate" or variations of such words.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the inability of the Company to partner and integrate successfully with Localcoin such that the anticipated benefits of the contractual relationship are realized; the potential impact of the announcement on relationships, including with regulatory bodies, employees, suppliers, customers, competitors and other key stakeholders; the inability to maintain current levels of user growth due to competition and cyclical market conditions; the inability of the Company to work effectively with strategic investors and partners, and any changes to key personnel; security and cybersecurity threats and hacks; internet and power disruptions; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID-19 pandemic; climate change; currency risk; changes in or enforcement of national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices and political or economic developments in Canada and other jurisdictions in which the Company carries on business or in which the Company may carry on business in the future; and material adverse changes in general economic, business and political conditions, including changes in the financial markets and compliance with extensive government regulation. These risks are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein. The impact of any one assumption, risk, uncertainty, or other factor on a particular forward-looking statement cannot be determined with certainty because they are interdependent and the Company's future decisions and actions will depend on management's assessment of all information at the relevant time.
Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice. All financial amounts referenced herein are in Canadian dollars unless otherwise expressly identified.
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