Webull Expands into Canada with Coinbase-Powered Crypto Trading
Webull has expanded its services to include cryptocurrency trading in Canada, joining existing markets in the US, Australia, and Brazil. The platform, known for offering commission-free stocks and options, will utilize Coinbase's Crypto-as-a-Service (CaaS) infrastructure to provide its Canadian users with access to a range of digital assets.
The move comes as Webull cites growing interest in cryptocurrencies among Canadian investors, with the Ontario Securities Commission reporting that ownership has climbed to 25% this year from 10% in 2023. The company's Canadian website currently lists 10 cryptocurrencies, including Bitcoin and Ether, while also indicating that additional assets may be available in the future.
Webull's partnership with Coinbase will see the latter handle trading and custody functions for its Canadian operations, allowing Webull to focus on providing a user-friendly interface and account setup for its customers. This approach is significant as it highlights the growing trend of retail brokerages expanding their services to include cryptocurrencies.