Coinbase will provide cryptocurrency trading, custody, and staking services to Webull Pay through its Crypto-as-a-Service (CaaS) platform starting in June 2025, the two companies announced on Friday. The integration marks a significant step in bridging traditional fintech platforms with regulated crypto infrastructure.
Partnership Details: CaaS Empowers Webull Pay
Under the agreement, Webull Pay gains access to Coinbase's institutional-grade infrastructure, including custody solutions, advanced trading systems, and support for the stablecoin USDC. The partnership will also enable staking capabilities for Webull Pay users. Coinbase's blog post states that its technology is already used by major financial institutions, though terms of the deal were not disclosed.
Stephen Yip, CEO of Webull Pay, stated: “This collaboration unlocks powerful capabilities that will accelerate innovation on our platform, giving customers greater access, flexibility, and opportunity in the evolving crypto landscape.” The integration will leverage Coinbase’s liquidity pools and security protocols, which are designed to handle high transaction volumes.
Industry Context and User Base
Webull Pay, launched in 2023 as a stock trading app, has amassed over 20 million users globally. Beyond USDC, the company did not specify which additional cryptocurrencies will be added. Both firms are exploring international expansion, potentially introducing Webull Pay-branded crypto services in global markets, though no timeline has been provided.
The move comes amid rising demand for regulated crypto services from retail and institutional investors. Coinbase, the largest U.S.-based crypto exchange, has positioned its CaaS as a turnkey solution for financial institutions looking to enter crypto without building proprietary infrastructure. Analysts note that such partnerships lower the entry barrier for traditional users while generating institutional revenue streams for compliant exchanges.
Webull Pay's parent company, Webull Financial, went public via a SPAC merger in 2021 but saw its valuation decline significantly. The Coinbase deal could provide a much-needed catalyst for its crypto business expansion. With regulatory clarity improving in key jurisdictions, the collaboration may accelerate the adoption of integrated crypto services within mainstream finance.