Key Highlights
- Webull Canada is adding crypto trading with Coinbase providing the underlying infrastructure.
- The service will use Coinbase’s Crypto-as-a-Service platform for trading and custody.
- Webull Canada’s crypto business operates under CIRO registration, while crypto assets are not protected by CIPF.
Webull is expanding its crypto offering to Canada through a partnership with Coinbase, adding digital-asset trading to its existing brokerage platform.
According to an announcement on August 31, Webull Canada will use Coinbase’s Crypto-as-a-Service (CaaS) platform for crypto trading and custody. Webull will provide the customer-facing crypto experience, while Coinbase offers the underlying infrastructure behind the service.
The Canadian rollout extends a partnership the companies have already used for Webull’s crypto operations in other markets.
Webull adds crypto trading for Canadian users
The crypto service will be offered through Webull Canada Crypto Limited, which operates under Canada’s securities regulatory framework and is registered with the Canadian Investment Regulatory Organization (CIRO).
Webull Canada has also disclosed that its crypto assets are not covered by the Canadian Investor Protection Fund (CIPF).
That distinction is important for customers because CIPF protection for eligible investment accounts does not extend to crypto assets held through the platform.
Michael Constantino, CEO of Webull Canada, said the company is responding to growing interest in different asset classes.
“Canadian investors expect access to a growing range of asset classes, and crypto has become an increasingly important part of that mix.”
The company did not disclose specific trading volumes or customer targets for the Canadian crypto launch.
Canadian crypto ownership has risen
The expansion comes as cryptocurrency ownership in Canada has increased in recent years.
Coinbase cited an Ontario Securities Commission (OSC) survey showing that 25% of Canadians reported owning crypto, up from 10% in 2023.
The figure indicates a larger potential user base for brokerages offering digital assets, although ownership alone does not show how frequently those assets are traded or how much investors have allocated to them.
The Canadian market also remains subject to evolving rules for crypto trading platforms, including requirements around registration, custody, and investor protection.
Coinbase provides trading and custody infrastructure
Webull is using Coinbase’s Crypto-as-a-Service offering rather than developing its own crypto trading and custody infrastructure.
The arrangement separates the customer-facing brokerage experience from the underlying digital-asset infrastructure.
For Webull, this means it can add crypto to its Canadian platform without operating a separate crypto exchange infrastructure stack.
For Coinbase, the deal represents another use of its institutional infrastructure business, which provides crypto services to financial companies that want to offer digital assets to their own customers.
The model has become increasingly common as brokerages and financial platforms add crypto without building all of the underlying systems themselves.
Coinbase already works in other markets
The Canadian launch follows crypto-related deployments involving the two companies in several other markets.
Webull has previously worked with Coinbase on crypto services in the United States, Brazil and Australia.
The companies have taken different approaches depending on local regulations and market conditions.
In Brazil, Coinbase recently introduced direct BRL-USDC trading, allowing customers to trade USDC directly against the Brazilian real.
Coinbase has also expanded its own products in other jurisdictions, including U.S. stock trading in the UK and regulated perpetual contracts in Australia.
The Canadian rollout adds crypto trading to Webull’s existing brokerage services, while Coinbase provides the underlying trading and custody infrastructure.
Canadian crypto rules remain a key factor
The Canadian rollout comes with specific regulatory requirements.
Webull Canada Crypto Limited operates as an Order-Execution-Only platform for crypto, meaning it executes customer orders rather than providing personalized investment advice.
Coinbase Canada is registered as a Restricted Dealer across Canada’s provinces and territories.
Both companies warn customers that cryptocurrency investments are volatile and that investors can lose some or all of their capital.
The regulatory framework will remain an important consideration as Canadian authorities continue refining rules for crypto-asset trading platforms.
What changes for Webull users
The main change for Webull’s Canadian customers is the addition of cryptocurrency trading to the brokerage’s existing services.
Coinbase provides the underlying systems for the crypto offering, while Webull maintains the customer relationship and trading interface.
The companies have not disclosed how much trading volume they expect from the Canadian launch or whether additional crypto assets will be added.
For now, the rollout expands Webull’s crypto offering into another regulated market while leaving the companies to operate within Canada’s existing requirements for crypto trading, custody and investor protection.
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