Webull Pay has announced a significant upgrade to its cryptocurrency platform by partnering with Coinbase, one of the most trusted names in digital asset infrastructure. The strategic shift will see Webull transition its crypto custody, trading, and backend infrastructure to Coinbase’s Crypto-as-a-Service (CaaS) offering, marking a major evolution in its crypto roadmap.
Coinbase Replaces Bakkt as Custody Provider
As part of the upgrade, Coinbase will replace Bakkt as Webull Pay’s custody provider. Coinbase is widely recognized for its institutional-grade infrastructure, robust compliance measures, and secure custodial services. This move aims to bring Webull users enhanced reliability and broader access within the crypto ecosystem.
What This Means for Users
The partnership introduces several notable benefits for Webull Pay customers:
- Access to a broader range of tradable cryptocurrencies
- Improved trading conditions through tighter spreads
- New features, including staking options and stablecoin integration
These enhancements are expected to roll out by June 2025, according to a statement by Coinbase.
“We’re excited to partner with Coinbase to bring new features, expanded product offerings, and a wider range of coins to trade,” said Stephen Yip, CEO of Webull Pay. “Together, we’re building the future of digital asset trading.”
Infrastructure Built for Scale
Coinbase’s CaaS platform provides Webull Pay with a robust suite of tools for custody, trading, and staking. The system also supports USDC, enabling efficient stablecoin functionality. Brett Tejpaul, Head of Coinbase Institutional, highlighted that the infrastructure is designed to scale with the needs of a growing and maturing crypto market.
“Our platform is trusted by leading financial institutions. This collaboration reflects our shared vision of driving long-term crypto adoption through secure and compliant technology,” said Tejpaul.
No Action Required from Users
Webull Pay has confirmed that users don’t need to take any action during the transition. Crypto assets will remain available through the Webull Pay app, and USD balances will continue to be held by Webull Pay LLC.
However, for those who do not agree with the upcoming changes, Webull offers the option to withdraw assets and close accounts at any time.
Looking Ahead: Global Expansion on the Horizon
Beyond the infrastructure shift, Webull Pay and Coinbase plan to explore international expansion opportunities for their crypto services, indicating that this partnership is just the beginning of a broader strategic roadmap.
The Webull-Coinbase partnership signifies a critical milestone in Webull Pay’s evolution as a digital finance platform. By leveraging Coinbase’s secure and scalable CaaS infrastructure, Webull is not only enhancing the trading experience for existing users but also positioning itself for global growth. As crypto adoption continues to surge, this alliance underscores the importance of trust, innovation, and accessibility in the next chapter of digital finance.
