Webull Pay is upgrading its crypto platform by partnering with Coinbase, shifting its custody, trading, and crypto infrastructure to the exchange’s Crypto-as-a-Service offering.
The move will replace Webull Pay’s previous custody provider, Bakkt, with Coinbase, a platform known for its institutional-grade infrastructure and compliance standards.
The partnership gives Webull Pay customers access to a wider range of tradable cryptocurrencies, tighter trading spreads, and the introduction of new services like staking and stablecoin integration.
According to Coinbase, these features are expected to roll out in June 2025.
Source: Webull email to customers
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Custody, trading, and staking
Coinbase’s CaaS platform provides Webull Pay with tools that power custody, trading, and staking while leveraging USDC support.
Brett Tejpaul, Head of Coinbase Institutional, emphasized that the partnership is built on infrastructure trusted by major financial institutions and designed to scale with the maturing crypto market.
“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.”
Users do not need to take any action, and their assets will remain accessible through the Webull Pay app. USD balances will continue to be held by Webull Pay LLC.
Users who do not agree with the update can withdraw their assets and close their accounts at any time. Webull Pay and Coinbase also plan to explore opportunities for international expansion of their crypto offerings.
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