Coinbase is deepening its push to become the infrastructure layer behind mainstream finance. The exchange has extended its crypto partnership with brokerage Webull into Canada, bringing trading and institutional-grade custody to Canadian investors, its fourth market with the company after the United States, Brazil, and Australia.
Under the deal announced August 31, Webull Canada will use Coinbase's Crypto-as-a-Service (CaaS) platform for the back-end, liquidity, execution, and custody, while keeping the customer-facing experience inside its own app. The arrangement lets Webull add crypto without building and running its own exchange stack, and it reflects a model that's becoming increasingly common as brokerages bolt on digital assets by renting infrastructure rather than building it. It's the same blueprint Coinbase already runs in three other countries.
The timing tracks a sharp rise in Canadian demand. According to an Ontario Securities Commission survey, crypto ownership among Canadians reached 25%, up from 10% in 2023. Webull Canada Crypto Limited operates as a CIRO-regulated, order-execution-only investment dealer, though customers should note that while the firm is a Canadian Investor Protection Fund member, CIPF coverage does not extend to crypto assets.
For Coinbase, the deal is another win for its institutional infrastructure business, arguably its most strategically important growth area, which quietly powers crypto for financial platforms rather than competing with them for retail users. As more brokerages follow this rent-don't-build path, Coinbase increasingly earns money whether or not customers ever know its name is behind the trade.
