Coinbase acquires team from crypto wallet provider BRD as utility token cost increases by 500%

Coinbase acquires team from crypto wallet provider BRD as utility token cost increases by 500%

In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet.

Crypto wallet provider BRD didn’t say anything will change for clients following a procurement from major U.S. crypto trade Coinbase. In a Nov. 24 letter to BRD clients, CEO Adam Traidman and co-founder Aaron Voisine said some of the companys colleagues would be moving to Coinbase to keep dealing with crypto wallets. Coinbase Wallet said on Twitter that the addition of the BRD team would help speed up web3 adoption just as give deep expertise in self-custody. Nothing will change in the BRD wallet application and as usual, your funds are safe any secure, said the BRD executives.

Formerly known as Breadwallet, BRD is behind the utility token Bread (BRD). According to data from CoinMarketCap, the token price surged more than 500% within two hours of news of the Coinbase acquisition breaking, increasing from roughly $0.16 to $1.01.

BRD announced a number of expansions in 2020, including updating its wallet compatibility to allow storage of Hedera Hashgraph’s HBAR token in June. In September, the firm partnered with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to help introduce its data integration platform used by financial institutions and crypto firms considering providing custody solutions.

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