Coinbase acquires crypto wallet startup BRD

Thu 25 Nov 2021 ▪ 16h03 ▪ 3 min read — by Felix Meyer

Crypto exchange and blockchain services provider Coinbase has acquired BRD Wallet, a free open source crypto wallet startup. The collaboration is expected to nurture Coinbase’s existing project. Meanwhile, the news got some buzz going around BDR token Bread (BRD).

What does BRD stand for?

BRD was founded in 2014 under the name ‘breadwallet’ and became the first cryptocurrency wallet available on the App Store. At the end of 2017, the company went public via an initial public offering (IPO) of its own token and managed to raise $32 million (~£24 million).

According to BRD’s own data, about 10 million customers use its mobile wallets, with more than $20 billion (~£15 million) stored in them.

Following the acquisition, the BRD team will join Coinbase Wallet to integrate into the development of self-custody protocols and Web3 integration. As BRD reports, its own wallet is expected to continue working as usual, whereas all existing users will be able to fully switch to Coinbase wallet by 2022. 

Coinbase seals another deal

Coinbase has long prepared for the current purchase, working on various deals allowing the exchange to introduce blockchain-based technologies, as well as improve its custodial services.

Coinbase does have quite a lengthy shopping list. Earlier, it acquired an Indian advertising platform Agara, engaged in machine learning and natural language processing, blockchain infrastructure platform Bison Trails, analytical firm Skew and a team focused on developing wallet interoperability protocols Zabo.

“We want to thank our loyal and dedicated users who have helped grow our community to over 10M customers around the world. We consider ourselves lucky to have played a role in mainstream cryptocurrency adoption and have thoroughly enjoyed interacting with our user community and dedicated fans,” follows the press release.

Coinbase has true faith in the upcoming cooperation, sticking to its current aim of expanding viability for investments in self-custody and Web3.

“BRD’s unique expertise in self-custody crypto wallets, will be invaluable in our goal of enabling more people to safely and securely access the decentralized world of crypto,” stated Coinbase representatives. “We’ll be sharing more information in the coming months about how BRD and Wallet teams will unite.”

BRD token gains popularity

Following yesterday’s announcement of the acquisition, BRD token Bread climbed about 750% from $0.16 to $1.42, press time.

Another great bargain for Coinbase has come! The crypto exchange has announced the acquisition of BRD, a firm offering its customers free mobile wallets. These two will join forces to develop self-custody protocols and boost Web3. It’s a true jackpot for both Coinbase, which stands for blockchain ubiquitous availability, and BRD, which has already had its token surge by more than 700%!

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Felix Meyer

I am a designer by trade but my passion is crypto. I am a creative geek, that shows his creativity through the popularisation a sector that is not the easiest to understand.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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