Coinbase and Webull Enhance Crypto Trading Partnership for 25 Million Users

Coinbase has expanded its partnership with Webull, integrating its Crypto-as-a-Service (CaaS) platform to enhance crypto trading capabilities across Webull’s ecosystem. This collaboration, which replaces Webull’s previous relationship with Bakkt, aims to provide regulated access to digital assets for approximately 25 million users globally.

The integration, which began rolling out in June 2025, has significantly broadened Webull’s crypto offerings from a limited selection to around 101 supported tokens, with plans to increase this number to over 300. The CaaS platform enables Webull to leverage Coinbase’s backend infrastructure while maintaining its own user interface.

As part of the partnership, Webull has also introduced futures contracts for popular cryptocurrencies such as Dogecoin, Solana, XRP, and Litecoin, utilizing Coinbase Derivatives. These futures contracts are CFTC-cleared, providing a regulated alternative to unregulated perpetual swaps offered by offshore exchanges.

Webull’s crypto trading capabilities have also expanded internationally, launching in Australia with support for up to 240 tokens via Coinbase Prime. This move features competitive 30-basis-point spreads, further enhancing the trading experience for users.

For Coinbase, this partnership represents a significant revenue stream independent of its own trading platform, as every trade executed through Webull generates revenue for Coinbase’s infrastructure. Both companies emphasize the importance of scalability within a regulated framework, incorporating advanced risk management tools and a cautious approach to introducing new tokens.

New Developments in Russia's Crypto Landscape

• Sberbank, Russia's largest bank, anticipates a trading volume of 4 trillion rubles (approximately $46.43 billion) in the first year of its crypto rollout.
• By 2029, Sberbank expects trading volumes to reach 7.5 trillion rubles (around $87.06 billion), with this forecast described as "conservative" by bank officials.
• The bank plans to launch a Bitcoin and crypto wallet along with digital asset custody services by December.
• New regulations from the Bank of Russia will require only registered entities to operate as exchanges, imposing limits on crypto usage for retail investors.
• Despite advancements in crypto regulations, using digital assets as a means of payment remains illegal in Russia, a ban that has been in place since 2022.
• President Vladimir Putin has previously expressed a positive view of Bitcoin, stating that it cannot be stopped, while the state maintains strict control over crypto activities.
• Authorities have intensified crackdowns on unregistered crypto exchanges, with severe penalties for violations, including lengthy prison sentences for minor infractions.

New Developments in Crypto Regulation

• Former CFTC Chairman J. Christopher Giancarlo and ex-SEC Chair Tim Massad advocate for principles-based regulation of digital assets.
• The Digital Asset Market Clarity Act (CLARITY Act) passed the House on July 17, 2025, with a 294-134 bipartisan vote.
• The Senate Banking Committee advanced its own version of the CLARITY Act with a 15-9 vote in May 2026.
• On September 2, 2025, the SEC and CFTC confirmed that registered exchanges can legally offer certain leveraged or margined spot crypto asset transactions.
• The CFTC approved perpetual futures contracts on regulated platforms like Kalshi, which generated over $1 billion in trade volume shortly after launching in mid-2026.
• Perpetual futures have become the most traded product in crypto, with an estimated $90 trillion in annual notional volume, primarily occurring on offshore exchanges.
• The trajectory of the CLARITY Act in the Senate is crucial for the future of the US crypto market.