Webull's Aussie arm has kicked off its crypto services just days after making a comeback in the US, following a two-year hiatus. Starting Wednesday, Webull Australia now offers access to 240 cryptocurrencies, thanks to a new partnership with Coinbase Prime.
CEO’s Bold Statement on Crypto Expansion
Rob Talevski, CEO of Webull Securities Australia, shared that this move marks a significant step in the platform's mission to give Aussie investors the freedom to trade as they wish.
“The addition of cryptocurrencies and digital tokens to the Webull platform represents the next phase of our ongoing mission to provide Australian investors with the freedom to trade what they want,” he said.
The US Relaunch
This announcement follows Webull’s US crypto relaunch, which came earlier this week after the company had to pull out of the market in 2023 due to changing regulations under the Biden administration. Webull’s CEO, Anthony Denier, explained to Bloomberg that removing crypto services from the US wasn’t popular with their customers. “We’re just returning to what our clients expect,” he added.
Looking ahead, the company plans to expand its crypto services into more regions. Earlier this year, Webull launched crypto trading in Brazil, and it's eyeing other global markets for future growth.
Concerns in the Australian Crypto Market
The launch in Australia arrives amid local concerns that the country's crypto industry is falling behind. Industry experts are urging the newly reelected Labor government to fast-track digital asset regulations to keep up with global trends.
Despite these moves, Webull’s stock had a rocky start this week, with shares closing down 2.67% on Monday before barely inching up by 0.3% on Tuesday, closing at $15.
Jordan V.
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