Coinbase has expanded its crypto infrastructure partnership with Webull into Canada, bringing the collaboration to a fourth major market after the United States, Brazil, and Australia.
Through the expanded partnership, Webull Canada will use Coinbase’s Crypto-as-a-Service infrastructure to provide cryptocurrency trading, liquidity, and institutional custody services to Canadian customers.
The move comes as cryptocurrency ownership continues to grow across Canada, with recent research suggesting that one in four Canadians now owns crypto assets or crypto-related investment funds.
Coinbase Will Power Webull Canada’s Crypto Services
Coinbase announced that Webull Canada will integrate its Crypto-as-a-Service platform to support digital asset trading and custody.
Instead of developing a completely separate crypto trading and custody infrastructure, Webull will connect its Canadian platform to Coinbase’s existing technology.
Coinbase will provide the underlying trading infrastructure, liquidity, and custody services, while Webull will continue controlling the customer-facing investment experience.
This approach allows Webull customers to access cryptocurrencies directly within the company’s existing platform rather than moving their assets or accounts to the Coinbase application.
Webull Canada CEO Michael Constantino said demand for crypto exposure among Canadian investors has continued to increase as customers look for access to a broader selection of asset classes.
He said Coinbase provides the infrastructure necessary to deliver crypto trading with the scalability and reliability Webull’s customers expect.
Webull Canada had already announced plans to launch cryptocurrency trading after obtaining regulatory approval.
In June, the company said its crypto offering would support 24-hour trading in major digital assets, including Bitcoin, Ethereum, Solana, XRP, Cardano, and Litecoin.
The rollout was expected to begin with selected beta users before becoming available to a wider customer base.
Webull said users would be able to fund their accounts, monitor portfolios, access reports, and trade cryptocurrencies from within the same platform they already use for traditional investments.
Crypto Ownership in Canada Reaches 25%
Coinbase’s expansion comes as cryptocurrency adoption among Canadian investors continues to rise.
According to a 2025 crypto asset survey from the Ontario Securities Commission, approximately 25% of Canadians owned cryptocurrencies or crypto investment funds.
That represents a substantial increase from the 10% ownership rate reported in 2023.
Crypto adoption was even higher among respondents classified as investors, with approximately 39% reporting ownership of crypto assets or related funds.
The OSC also found that around 30% of Canadians had owned cryptocurrency at some point.
Among current crypto owners, 74% held cryptocurrencies directly through an exchange or another digital asset platform.
The findings suggest that demand for cryptocurrency investment products is becoming increasingly significant in Canada.
However, regulators also identified concerns about investor awareness.
According to the OSC, many crypto owners still misunderstand the protections associated with cryptocurrency accounts and the risks involved in holding digital assets.
Webull Canada’s Crypto Assets Won’t Receive CIPF Protection
Webull Canada Crypto Limited operates as an investment dealer regulated by the Canadian Investment Regulatory Organization.
Its platform provides order-execution-only services, meaning investors are responsible for making their own investment decisions rather than receiving personalized portfolio recommendations.
There is also an important difference between protections covering traditional investments and those covering cryptocurrencies.
Webull Securities (Canada) Limited is a member of the Canadian Investor Protection Fund, but crypto assets themselves are not eligible for CIPF coverage.
Certain eligible cash balances held inside crypto trading accounts may receive protection under applicable CIPF rules and limits. However, cryptocurrencies held through Webull Canada do not receive the same protection.
CIPF generally protects eligible property that goes missing if a member investment dealer becomes insolvent.
It does not protect investors from cryptocurrency price declines, trading losses, or losses caused by poor investment performance.
For Canadian users entering crypto markets through Webull, understanding that distinction will be particularly important.
Coinbase-Webull Partnership Now Covers Four Markets
The Canadian expansion builds on an existing relationship between Coinbase and Webull.
Coinbase already provides infrastructure supporting Webull’s crypto products in the United States, Brazil, and Australia.
According to Coinbase, Webull selected the company based on factors including available cryptocurrencies, market liquidity, pricing, custody capabilities, and Coinbase’s ability to provide services across multiple countries.
The addition of Canada brings the partnership to four markets.
Webull Corporation itself trades on Nasdaq under the ticker BULL and operates licensed brokerage businesses across 16 markets.
The company has reported more than 27 million registered users worldwide.
Webull’s Canadian brokerage already provides access to Canadian and U.S.-listed stocks, exchange-traded funds, and options.
Customers can also access cash and margin accounts as well as tax-free savings and retirement accounts.
The crypto partnership allows Webull to expand beyond those traditional investment products without building all of the required digital asset infrastructure internally.
For Coinbase, the arrangement provides another way to expand its presence in financial markets without requiring customers to directly use the Coinbase trading platform.
Its Crypto-as-a-Service model allows brokerages and fintech companies to integrate cryptocurrency functionality while Coinbase handles key infrastructure such as liquidity, trading, and custody.
Webull originally entered the Canadian market in January 2024 after receiving regulatory authorization in November 2023. The platform initially focused on Canadian and U.S. equities.
Coinbase Expands Beyond Traditional Crypto Trading
The Webull partnership is part of a broader expansion by Coinbase into financial services that combine traditional markets with crypto infrastructure.
Earlier in August, Coinbase launched access to nearly 4,000 U.S. stocks for eligible customers in the United Kingdom.
The service allows UK investors to trade supported U.S. equities 24 hours a day on five weekdays.
Customers can fund purchases using British pounds or USDC and access fractional shares starting from £1.
Coinbase also offers zero-commission trades through the service, although investors remain exposed to risks such as currency movements and lower liquidity during extended trading hours.
Orders are routed through Coinbase Capital Markets Corporation and executed by Apex, while Apex Clearing provides custody for the underlying U.S. shares.
Coinbase Pushes Into Stock-Linked Crypto Products
Coinbase has also expanded its exposure to equity-related products through derivatives and tokenization.
Deribit, the crypto derivatives exchange acquired by Coinbase, has moved toward offering perpetual contracts linked to companies such as Strategy and Robinhood.
The products place stock-linked derivatives alongside the platform’s established cryptocurrency derivatives business.
Coinbase has also entered the tokenized equities market.
On Aug. 24, the company launched four stock tokens on its Base blockchain, giving eligible non-U.S. investors exposure to shares of Nvidia, Meta, Apple, and Alphabet.
Each token initially represents a beneficial interest in an underlying share held through a segregated custody account.
Coinbase Onchain SPV Ltd., based in the Abu Dhabi Global Market, issues the securities, while Alpaca Securities provides brokerage and custody services for the underlying shares.
Chainlink later introduced Data Feeds supporting the tokenized stocks, allowing compatible applications on Base to calculate collateral values and monitor liquidation conditions.
The stock tokens are currently limited to eligible investors outside the United States under Regulation S.
They have not been registered under the U.S. Securities Act and therefore remain unavailable to U.S. persons.
Coinbase Strengthens Its European Presence
Europe is another major part of Coinbase’s international expansion strategy.
In June, the company established its Luxembourg hub under the European Union’s Markets in Crypto-Assets framework.
Authorization from Luxembourg’s Commission de Surveillance du Secteur Financier allows Coinbase to provide regulated cryptocurrency services across all 27 European Union member states through MiCA’s passporting system.
Together with its partnerships in markets such as Canada, Australia, Brazil, and the United States, the European expansion demonstrates Coinbase’s broader effort to position itself as both a consumer crypto platform and an infrastructure provider for other financial companies.
Coinbase and Webull Target Canada’s Growing Crypto Market
Expanding the Coinbase-Webull partnership into Canada gives both companies an opportunity to capture growing demand for digital asset investing.
For Webull, Coinbase provides an established infrastructure layer that allows crypto trading and custody to be integrated into its existing investment platform.
For Coinbase, the agreement extends the reach of its Crypto-as-a-Service business without requiring Webull customers to become direct Coinbase users.
The timing could also work in the companies’ favor. With approximately 25% of Canadians now owning cryptocurrency assets or crypto funds, demand for digital asset access appears considerably stronger than it was only a few years ago.
However, investors will still need to understand the risks. Most importantly, cryptocurrencies held through Webull Canada will not receive the same CIPF protection that may apply to eligible traditional investment assets.
As regulated brokers increasingly integrate crypto alongside stocks, ETFs, and other conventional investments, partnerships such as Coinbase and Webull could help move digital assets further into mainstream financial platforms.
