The Funnel Math Behind Coinbase and Webull: 25 Million Registered Users Meets a 5% Reality
Wootoshi
The partnership expansion between Coinbase and Webull is being framed as a significant bridge between traditional finance and digital assets. The headline figure is a user base of 25 million. My focus, however, is not on that headline. The critical metric is conversion, and the history of such integrations suggests the number of active crypto traders will be a small fraction of that total. The true test of this partnership is not user count, but the efficiency of the conversion funnel and the resilience of the underlying compliance architecture.