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Webull Pay is enhancing its cryptocurrency platform by partnering with Coinbase, shifting its custody, trading, and crypto infrastructure to Coinbase’s Crypto-as-a-Service (CaaS) offering. This strategic collaboration aims to provide users with improved features, a broader range of tradable cryptocurrencies, and new services, setting the stage for a more comprehensive digital asset experience.
What the Partnership Means for Webull Pay Users
The transition replaces Webull Pay’s previous custody provider, Bakkt, with Coinbase, a platform recognized for its institutional-grade infrastructure and stringent compliance standards. This upgrade is designed to enhance the overall user experience by introducing:
- Access to a wider range of cryptocurrencies: Users will have the opportunity to trade more coins, expanding their investment options.
- Tighter trading spreads: The partnership aims to reduce trading costs, making transactions more efficient.
- New services: Features like staking and stablecoin integration will be added, allowing users to earn rewards and utilize stablecoins in their portfolios.
According to Coinbase, these new features are expected to roll out by June 2025, marking a significant milestone in Webull Pay’s crypto offerings.
Enhanced Infrastructure for Custody, Trading, and Staking
Coinbase’s CaaS platform will provide Webull Pay with advanced tools to support custody, trading, and staking. Additionally, the partnership leverages Coinbase’s support for USDC, a widely used stablecoin in the crypto ecosystem. Brett Tejpaul, Head of Coinbase Institutional, highlighted the collaboration’s emphasis on scalability and reliability, stating that the infrastructure is trusted by major financial institutions and is tailored to adapt to the evolving 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.”
No Action Required from Users
Webull Pay users do not need to take any action during this transition. Their assets will remain accessible through the Webull Pay app, and USD balances will continue to be held by Webull Pay LLC. For users who disagree with the update, the option to withdraw assets and close accounts remains available.
Future Plans and International Expansion
Beyond the immediate enhancements, Webull Pay and Coinbase are exploring opportunities to expand their crypto offerings internationally. This aligns with their mutual vision of making digital asset trading accessible to a broader audience.
The partnership marks a step forward in simplifying crypto trading while offering users more robust features and services. As the crypto market matures, collaborations like this highlight the importance of scalable and secure infrastructure in driving adoption and innovation.
