America’s largest stock market is constantly growing and continues to take steps to improve. Making a recent acquisition, Coinbase has acquired the BRD wallet to help accelerate web3 adoption. The wallet will gradually be integrated into the Coinbase Wallet, but users will remain unaffected for now.
Announcing the purchase, Coinbase Wallet said:
“The BRD team brings extensive expertise in self-custody for crypto wallets, which will help Wallet to help more people access the decentralized crypto world safely and securely.”
GM!
We have great news – the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto.
— Coinbase Wallet (@CoinbaseWallet) November 24, 2021
A spokesperson for Coinbase said that the exchange is working on an integration plan for its latest acquisition and that for now, BRD will be allowed to operate independently.
“We will share more information in the coming months on how the BRD and Wallet teams will collaborate.”
BRD Token Increases 900 Percent
The BRD wallet was launched in 2014 with the goal of increasing security while giving users more control over their funds. At the time, there were few players targeting mobile users for Bitcoin storage. It initially only supported Bitcoin, but has since expanded to several other altcoins.
In addition, BRD now allows its users to buy, sell and exchange cryptocurrencies. And also; It has also formed partnerships with Apple Pay and credit card providers that allow its users to easily purchase several tokens.
BRD is a self-custody wallet, meaning users store cryptocurrencies on their devices. This allowed it to bypass strict regulatory hurdles for custodial wallets. This allowed it to avoid the stringent regulatory requirements required for custodial wallets, and as a result, it became quite popular in Latin America and India.
BRD currently claims to have ten million users; This is an impressive feat for a startup that only reached 500,000 users in June of last year after four years in operation. Its founders claim that the platform has added a million new users every two months since then.
Over 10 million people have now used BRD to directly own their wealth, and we’re just getting started. #MoveYourMoneyForward pic.twitter.com/dleSryRcQe
— BRD (@BRDHQ) October 4, 2021
BRD has raised quite a bit of money in financing managed by SBI Crypto Investments and East Ventures. The last funding round was in October last year and raised a total of $55 million.
After the news about the collaboration, the platform’s native cryptocurrency gained a lot of traction and experienced a parabolic rise in value. Known as the BREAD token (BRD), this token has been trading around $0.1 – $0.2 for months without issue.
However, the altcoin surged 924 percent from $0.16 to $1.65 within a few hours of the purchase. The altcoin’s momentum has slowed since then, but it is still trading at $1.22 at the time of writing, 659 percent higher than the day before.
The trading volume also reflects the altcoin’s newfound reputation. Trade volume, which was an average of $300,000 just yesterday, has increased by more than 43,000 percent to over $500 million today.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.