Coinbase has expanded its infrastructure partnership with online brokerage Webull into Canada, providing the underlying trading and custody technology for Webull’s newly launched cryptocurrency offering in the country. The companies announced the expansion on August 31, extending an existing relationship that already powers Webull crypto products in the United States, Brazil and Australia. Under the agreement, Webull Canada Crypto Limited will use Coinbase’s Crypto-as-a-Service platform for core digital-asset infrastructure. Coinbase will provide access to liquidity alongside institutional-grade trading and custody services, while Webull maintains the customer-facing brokerage experience.
That means Canadian customers can trade cryptocurrencies without opening a separate Coinbase account or leaving Webull’s platform. Webull’s Canadian website currently displays 10 cryptocurrencies, including Bitcoin, Ether and Solana, while indicating that additional assets are available.
Coinbase Becomes the Infrastructure Behind Webull
The arrangement illustrates an increasingly important part of Coinbase’s strategy beyond attracting users directly to its own exchange. Crypto-as-a-Service allows brokerages and financial-technology companies to add digital assets without independently building custody systems, exchange connectivity, liquidity infrastructure and other specialized crypto technology. For Coinbase, those partnerships create another channel through which trading activity can flow through its infrastructure even when the end customer interacts with another company’s application. Webull selected Coinbase based on factors including asset coverage, international reach, scalability, flexibility and pricing, according to the companies.
The relationship has already expanded geographically. Webull reintroduced crypto trading in the United States in 2025 after previously removing digital assets from its main platform in 2023. Coinbase subsequently became an infrastructure provider for Webull’s international crypto expansion, including Brazil and Australia. Canada now becomes the fourth market using the partnership. Webull Canada CEO Michael Constantino said digital assets have become an increasingly important component of the range of investments Canadian customers expect to access.
Canadian Crypto Ownership Reaches 25%
The expansion comes as cryptocurrency participation in Canada increases. Webull cited recent Ontario Securities Commission research showing crypto-asset or crypto-fund ownership among Canadian investors reaching approximately 25%, up from 10% in 2023. Webull had already completed the regulatory groundwork for its launch before announcing Coinbase as its infrastructure provider. Webull Canada Crypto Limited became a member of the Canadian Investment Regulatory Organization on June 17 as an investment dealer.
The Canadian Securities Administrators also lists Webull Canada Crypto Limited among crypto-asset trading platforms authorized to conduct business with Canadians. Webull’s service operates on an order-execution-only basis, meaning the platform facilitates customer-directed cryptocurrency transactions rather than providing investment recommendations. There is nevertheless an important distinction around investor protection. Both Webull Securities Canada and Webull Canada Crypto Limited are CIRO-regulated entities and members of the Canadian Investor Protection Fund.
However, Webull explicitly states that cryptocurrency assets are not covered by CIPF protection. Coinbase itself already has a substantial regulated presence in the country. Coinbase Canada is registered as a restricted dealer across Canadian provinces and territories, meaning the Webull agreement expands Coinbase’s reach through another brokerage rather than representing Coinbase’s first entry into Canada. The broader significance is therefore less about adding another country to Coinbase’s consumer exchange and more about its attempt to become infrastructure for other financial platforms.
Instead of every brokerage constructing a separate crypto exchange and custody operation, Coinbase is offering trading, liquidity and secure storage as modular services that can sit behind existing investment applications. For Webull, the model provides a relatively direct route to adding cryptocurrencies alongside stocks, ETFs and options. For Coinbase, each expansion potentially increases the amount of crypto activity passing through its institutional infrastructure without requiring those customers to become direct Coinbase retail users. With Webull now using the model across the United States, Brazil, Australia and Canada, the partnership is becoming a test of whether Coinbase can turn the technology behind its exchange into infrastructure used by mainstream brokerages globally.
