Coinbase acquires BRD wallet – token shoots up 900%
Americas largest crypto exchange has made a new acquisition. Coinbase has acquired BRD Wallet to accelerate the launch of web3.0 The wallet will gradually be integrated into the Coinbase wallet, but for now the customers will not be affected by the changes.
When announcing the acquisition, Coinbase stated :
“The team has in-depth expertise in the field of self-custody of crypto wallets, which will help Wallet to give more people secure access to the decentralized world of cryptocurrencies.”
A spokesman for Coinbase said the exchange is working on an integration plan for its recent acquisition and that BRD will operate independently for the time being. He added :
“In the coming months we will share more information on how the BRD and Wallet teams will work together.”
BRD token shoots up by 900%
BRD Wallet was launched in 2014 and focused on giving its customers control over their funds and increasing security. At the time, there were few providers targeting mobile users for Bitcoin storage. Initially only Bitcoin was supported, but now other Altcoins are on offer.
In addition, BRD now enables its users to buy, sell and exchange cryptocurrencies. BRD has partnered with Apple Pay and credit card providers that allow customers to easily purchase multiple tokens.
BRD is a self-custody wallet, which means that users store their cryptocurrencies on their devices. This has made it possible to bypass the strict regulatory hurdles for custody wallets. As a result, it has become quite popular in Latin America and India.
BRD currently states that it has ten million users – an impressive achievement for a startup that reached 500,000 users for the first time in June last year, more than four years after its start. Since then, the company has gained a million new users every two months, according to its founders.
BRD has received a substantial amount of funding under the direction of SBI Crypto Investments and East Ventures. Its last round of funding was in October last year and raised a total of $ 55 million.
The takeover brought a lot of traction for the native cryptocurrency and an exorbitant price increase. Previously, the BREAD token (BRD) had been trading uneventfully between $ 0.1 and $ 0.2 for months. However, in a matter of hours after the acquisition, it shot up 924%, from $ 0.16 to $ 1.65. Since then, the momentum has slowed, and at press time the price is $ 1.15 – still 598% more than before.
The trading volume is evidence of the newfound fame. Yesterday it averaged $ 300,000. Today it has risen to over $ 500 million – an increase of over 43,000% (!).