Coinbase to Power Webull's Cryptocurrency Trading Expansion in Canada

Brokerage platform Webull is expanding its cryptocurrency trading services to Canadian investors, powered by an extended partnership with Coinbase (COIN). The move allows Webull to leverage Coinbase's institutional-grade infrastructure for crypto custody and liquidity, according to a statement from the companies.

The Partnership Details

Under the arrangement, Coinbase will provide core infrastructure through its Crypto-as-a-Service platform. This service already supports Webull's crypto offerings in the United States, Brazil, and Australia. The expansion will now provide Canadian clients with access to cryptocurrency trading through Webull's platform.

"Our partnership with Coinbase provides the infrastructure needed to deliver this offering with the scale and reliability our clients expect," said Michael Constantino, CEO of Webull Canada, in the statement.

Regulatory Framework and Investor Protection

The service will be offered through Webull Canada Crypto Limited, which is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF). Coinbase Canada, Inc. is also registered as a Restricted Dealer across all Canadian provinces and territories.

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However, the companies specified key details for investors:

• Webull Canada offers order execution only crypto trading.
• Crypto assets held through the platform are not covered by CIPF protection.

Tapping a Growing Market

The expansion into Canada is aimed at a rapidly growing market for digital assets. A recent survey by the Ontario Securities Commission found that crypto asset ownership in Canada has surged, rising to 25% of the population from just 10% in 2023. This partnership positions both firms to capitalize on increasing investor interest in the region.