Bitbuy to Offer Stock Trading to Its Users

Betakit | Charlize Alcaraz  | Sep 29, 2022

Bitbuy President Dean Skurka, WonderFi strategic investor Kevin O'Leary and WonderiFi CEO Ben Samaroo (WonderFi)

• Toronto-based Bitbuy, a WonderFi company, to offer stock trading to its users.
  • Founded in 2016 by Adam Goldman, Bitbuy claims that it has served over 400,00 users in Canada with $5 billion in crypto traded across its platform.  WonderFi acquired Bitbuy for approximately $206 million CAD in shares and cash, was closed in March.
  • Bitbuy’s expansion into stock trading is delivered through a partnership with Canaccord Genuity Group and AlpacaDB, a United States company that offers stock and crypto trading APIs The product is expected to become available in the first quarter of next year, and will allow users to invest in around 3000 listed securities, as well as 8000 over-the-counter stocks and exchange-traded funds.

See:  Will Crypto Replace the Dollar?

• Consolidation and competition: 
  • In a statement shared with BetaKit, Bitbuy declared that “WonderFi is taking aim at Wealthsimple and their 2,000,000 Canadian users by offering, what they feel, is a superior stock trading platform.”
    • Three-horse race in Canada when it comes to offering crypto investing opportunities, according to Bitbuy, which named its parent company and crypto consolidator WonderFi, Wealthsimple, and Coinsquare (which recently bought CoinSmart).
  • The three above-mentioned companies are far from the only players in Canadian crypto exchanges, however. Bitbuy is one of the nine registered crypto platforms under the Ontario Securities Commission, alongside Bitvo, Fidelity Clearing Canada, Netcoins, Newton Crypto, VirgoCX, and Wealthsimple, as well as WonderFi’s Coinberry, and Coinsquare’s CoinSmart.

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