By partnering with Coinbase, Webull Pay is upgrading its Crypto platform and shifting its custody, transaction and crypto infrastructure to providing encrypted services in exchange.
The move will replace Webull Pay’s former custody provider, Bakkt, with Coinbase, a platform known for its facility’s grade infrastructure and compliance standards.
The partnership allows Webull Pay customers to access broader trading cryptocurrencies, tougher trading spreads, and new services such as staking and Stablecoin integration.
According to Coinbase, these features are expected to be rolled out in June 2025.
Source: Webull email to customers
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Quarantine, Transactions, and Staking
Coinbase’s CAAS platform provides Webull Pay with tools to enhance custody, trading and staking while leveraging USDC support.
Brett Tejpaul, head of Coinbase Institutional, emphasized that the partnership is built on an infrastructure designed to expand into a mature crypto market, trusted by major financial institutions.
“Webull Pay’s CEO Stephen Yip said: “Together, we are building a future for digital asset trading.”
Users do not need to perform any actions and their assets will remain accessible through the Webull Pay app. Your USD balance will continue to be retained by Webull Pay LLC.
Users who do not agree to the update can withdraw assets and close their accounts at any time. Webull Pay and Coinbase also plan to explore opportunities for international expansion of crypto products.
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