What Webull Pay does

Webull Pay is a U.S.-headquartered cryptocurrency trading platform and subsidiary of Webull Pay Holdings Inc., which sits under publicly traded parent Webull Corporation (NASDAQ: BULL). The platform was carved out of the main Webull brokerage app in September 2023 into a dedicated mobile and web application to serve as a focused digital asset trading surface. The company is led by founder and CEO Steve Yip, with its registered headquarters at 108 W. 13th Street, Wilmington, Delaware, and a reported headcount of 1-10 employees (reflecting its lean subsidiary structure rather than total group staffing).

The platform's core product is a retail-facing crypto trading experience supporting 50+ tokens (with a stated roadmap to 300+) including Bitcoin, Ethereum, XRP, Solana, and various DeFi tokens, available 24/7. Trading is operated via a market maker model rather than a traditional exchange, with minimum order sizes of $1-$2. Feature set includes Grid Trading automation, Instant Buying Power for buying crypto while ACH deposits clear, recurring buys (dollar-cost averaging), crypto transfers, and a public API for quantitative traders (Place Order, Query Order Detail, Market Snapshot, Historical Bars). Infrastructure is anchored by the Coinbase Crypto-as-a-Service (CaaS) partnership launched in June 2025 for custody, trading, USDC, and staking, while New York, Guam, and Northern Mariana Islands residents are serviced through a Bakkt Financial Solutions partnership. Webull Pay is additionally listed as a broker on TradingView and operates a B2B channel with Merits Financial Group.

Webull Pay generates revenue primarily through crypto transaction fees on a pay-as-you-go basis with no subscription tiers, and earns additional distribution through its API and B2B partnerships. The go-to-market is product-led and mobile-first via iOS and Google Play self-serve onboarding, layered with channel partnerships (TradingView, Merits Financial Group, Coinbase). Customer assets, funded accounts, and net deposit figures are reported only at the parent Webull Corporation level ($24.6B in customer assets, 5.03M funded accounts, $8.6B FY2025 net deposits), implying Webull Pay benefits from a much larger customer base than its standalone subsidiary footprint would suggest, though standalone Webull Pay revenue is not disclosed.

Name

Webull Pay

Legal name

Webull Pay LLC

Website

https://webullpay.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Webull Pay is a U.S.-licensed cryptocurrency trading platform (NMLS ID 1886762) and subsidiary of Webull Corporation, offering 24/7 retail crypto trading in 50+ tokens via a standalone mobile app, with infrastructure from Coinbase CaaS and Bakkt.

Ownership category

akta.pro rank

Product category

Cryptocurrency Trading Platform

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Digital Asset/Crypto Trade Execution Platforms (FSAFANAO)

akta.pro secondary industries

Crypto-Digital Asset Market Making (Spot & Derivatives) (FSACANAJ), Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)

Keywords

• Cryptocurrency trading
• Digital asset platform
• Crypto exchange services
• Money transmitter services
• Crypto trading API

Headquarters

HQ city

Wilmington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Operations, Infrastructure, Marketing or Sales, Personnel, Others

Revenue model

1. Crypto Transaction Fees: Webull Pay generates revenue through transaction fees on cryptocurrency buy and sell orders. The platform uses a market maker model rather than a traditional exchange model, with minimum order sizes of $2 (outside NY, Guam, Northern Mariana Islands) and $1 (in those jurisdictions).
2. Platform Revenue: Parent company Webull Corporation reported Q4 2025 revenue of $165.2 million (50% YoY) and full-year 2025 revenue of $571 million (46% annual growth), driven by trading volumes across equities, options, crypto, and prediction markets.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Webull Pay operates a dedicated cryptocurrency trading platform and mobile application that enables individual users to buy, sell, and manage digital assets such as Bitcoin, Ethereum, XRP, and Solana. The platform supports 24/7 spot trading across 50+ tokens (with a roadmap to 300+), automated grid trading strategies, crypto transfers, recurring buys, and instant buying power while ACH deposits settle. The company also exposes a public trading and market data API for developers and quantitative traders, and delivers institutional-grade crypto infrastructure through a partnership with Coinbase's Crypto-as-a-Service platform.

Product overview

Webull Pay is a cryptocurrency trading platform that operates as a dedicated mobile application separate from the main Webull investing app. The platform offers a comprehensive suite of crypto services including spot trading for 100+ tokens (Bitcoin, Ethereum, XRP, Solana, Dogecoin, and many more), automated Grid Trading strategies, portfolio management, crypto transfers, and recurring crypto buys. The platform integrates Coinbase's Crypto-as-a-Service infrastructure for institutional-grade custody and trading, and provides a public API (Webull Pay API) for developers to build quantitative trading strategies. For residents of NY, Guam, and Northern Mariana Islands, crypto services are provided through a partnership with Bakkt Financial Solutions. The platform supports trading via Market, Limit, and Stop-Limit orders with 24/7 availability.

Differentiator

Problem solved

Functional benefit

Products and services

• Webull Pay App A dedicated cryptocurrency trading and portfolio management mobile application (separated from the main Webull investing app in September 2023) that lets individual users buy, sell, and manage a portfolio of 50+ digital assets with 24/7 availability, crypto transfers, recurring buys, and account management.
• Crypto Spot Trading Spot trading service for 50+ cryptocurrency tokens (with a roadmap to 300+), including Bitcoin, Ethereum, XRP, Solana, Dogecoin, and DeFi tokens, supporting Market, Limit, and Stop-Limit orders 24/7. Minimum order size is $2 outside NY, Guam, and Northern Mariana Islands and $1 inside those jurisdictions.
• Webull Pay Trading API Public REST API for programmatic crypto trading that enables developers and quantitative traders to place orders, query order details, and integrate with Webull Pay's execution infrastructure, with secure API key management.
• Webull Pay Market Data API Public REST API that delivers real-time crypto Market Snapshot data and Historical Bars (price and volume history) to developers and quantitative traders building automated strategies on Webull Pay.
• B2B Trading Infrastructure for International Brokers B2B channel offering that resells Webull's trading infrastructure (execution, custody, and crypto services powered by Coinbase CaaS) to international financial intermediaries such as Merits Financial Group, enabling them to serve overseas clients.

Quantifiable outcome

• $24.6 billion in customer assets (81% YoY growth)
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• CoinbasecoreTechnology or Integration · 1 May 2025Webull partnered with Coinbase to integrate the Crypto-as-a-Service (CaaS) platform starting May 2025, with the integration launching in June 2025. This enables institutional-grade infrastructure for custody, trading, USDC integration, and staking services. The platform supports 24/7 trading for over 50 tokens with a roadmap to 300+ and serves millions of U.S. users. The partnership builds on an earlier Coinbase Derivatives collaboration from late 2024.
• Merits Financial GroupcoreChannel Partner/ Reseller/ DistributorB2B partnership with Merits Financial Group driving over $1 billion in Korean client equity trades. This partnership represents significant international B2B volume through Webull's trading infrastructure.
• BakktcoreTechnology or IntegrationFor residents of NY, Guam, and Northern Mariana Islands, Webull has collaborated with Bakkt Financial Solutions I, LLC to provide cryptocurrency trading services. Bakkt is a licensed virtual currency business and money transmitter (NMLS ID 1890144). Webull Pay LLC and Bakkt are separate entities, and customers have accounts at both.
• TradingViewminorChannel Partner/ Reseller/ DistributorWebull Pay is listed as a broker on TradingView's platform at tradingview.com/broker/WebullPay/, providing integration with TradingView's charting and trading ecosystem.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Coinbase: Coinbase is the largest U.S. retail crypto exchange and offers spot trading, staking, custody, and APIs overlapping directly with Webull Pay's product set. Notably, Coinbase is also Webull Pay's infrastructure partner via CaaS, making it both the principal competitor and the platform's underlying technology provider.
• Robinhood Crypto: Robinhood Crypto is the closest direct competitor — a mobile-first retail brokerage offering commission-based crypto trading inside the same investing app that also serves equities and options. Its commission-free model and brand recognition among retail traders closely mirror Webull Pay's positioning within the Webull ecosystem.
• Kraken: Kraken is a long-standing crypto exchange serving retail and professional traders with spot trading, staking, and APIs that overlap with Webull Pay's quantitative/API offering. Like Webull Pay, it emphasizes security, regulatory compliance, and access for sophisticated U.S. retail users.
• Gemini: Gemini is a U.S.-regulated crypto exchange and custodian serving retail and institutional clients with trading, custody, and API products. Its emphasis on regulatory compliance (NYDFS) and professional-grade infrastructure parallels Webull Pay's licensed-money-transmitter + Coinbase CaaS approach.
• Crypto.com: Crypto.com operates a retail crypto trading app, Visa card, staking, and on-chain products targeting the same mobile-first retail demographic as Webull Pay. It competes head-to-head on app-store distribution, token breadth, and recurring engagement features.
• Binance.US: Binance.US is a U.S.-regulated affiliate of Binance offering spot trading for hundreds of tokens to American retail customers. It is the most direct spot-crypto competitor on token breadth, fees, and 24/7 trading availability.

Emerging players

• Bakkt: Bakkt provides crypto custody and trading-as-a-service infrastructure and is Webull Pay's crypto-services partner for NY, Guam, and Northern Mariana Islands residents. It overlaps with Webull Pay's institutional custody, staking, and licensed virtual currency business activities, making it both partner and adjacent competitor.
• OKX: OKX is a global crypto exchange with spot, derivatives, and a self-custody wallet that increasingly targets U.S. retail through its web and mobile apps. It competes on token breadth, low fees, and quantitative API access — areas where Webull Pay also competes.
• Public.com: Public.com is a multi-asset retail investing app that has added crypto trading and fractional shares, targeting the same mobile-first retail audience as Webull Pay. It overlaps on self-custody crypto, API data access, and unified brokerage + digital asset experiences.

Broad incumbents

• eToro: eToro is a multi-asset brokerage offering stocks, ETFs, and crypto trading through a social/copy-trading mobile platform. It competes with Webull Pay for retail traders who want a single app for equities and digital assets, though crypto is one product among many in its broader portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/webullpay

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Webull Pay