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Investing.com -- Webull Corporation (NASDAQ:BULL) stock rose 4% on Wednesday after the online investment platform announced plans to consolidate its crypto entities and reintroduce cryptocurrency trading in the United States during the third quarter.
The company said it will integrate Webull Pay LLC back into the Webull group, a move that advances its strategy to expand crypto trading capabilities globally. This consolidation follows Webull’s recent launch of crypto trading in Brazil last month, with additional market rollouts expected later this year.
"The improving clarity of cryptocurrency regulations, both in the United States and internationally, underlies our decision to bring crypto trading back to our platform," said Anthony Denier, Group President and U.S. CEO of Webull. "With this consolidation, the Company will be better positioned to meet the needs of our customers."
The arrangement is structured as a business combination that will result in Webull Pay Inc., the parent company of Webull Pay LLC, becoming a subsidiary of Webull Corporation. The deal has received approval from a special committee of Webull’s board and Webull Pay Inc. shareholders, though it remains subject to customary closing conditions and regulatory approvals.
Webull indicated that the consolidation will help the company capitalize on the financial services industry’s adoption of blockchain technology. Currently, crypto trading on the Webull platform is only available in Brazil, but the company plans to expand into additional markets in the coming months.
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