Coinbase, a leading cryptocurrency exchange in the United States, acquired BRD Crypto Wallet, and the deal was revealed this week. While the acquisition is confirmed, the terms and value of the deal were not revealed to the public.
BRD was only established in 2014, and it provides various services to customers related to crypto, decentralization, and security. Today, the company has grown and serves more than 10 million customers around the world.
The crypto mobile wallet firm was co-founded by chief executive officer Adam Traidman and Aaron Voisine. The executives shared that despite being bought by Coinbase, BRD will continue to operate normally.
“Today, we would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe,” the co-founders said in a blog post. “At this time, nothing will change in the BRD wallet app and as always, your funds are safe and secure and you may continue to transact normally.”
Traidman and Voisine added that later on, BRD wallet users will be allowed to migrate to self custody with Coinbase Wallet and explained that this is an optional feature. A special gift awaits for those who will try it, and more details about this as well as the merging of BRD and Coinbase will be released next year.
As for Coinbase, it announced its acquisition of BRD through social media. In a tweet, the company said it is excited about its new investment in self-custody for crypto wallets and Web 3.
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
According to CoinTelegraph, when the reports about Coinbase’s BRD acquisition deal came out, the crypto wallet startup’s utility token price has surged 500%. Based on the data collected from CoinMarketCap, the token price increase was observed within two hours after the news was released. The number was said to have gone from around $0.16 to $1.01.
Meanwhile, BRD was formerly known in the crypto wallet trade as Breadwallet. In 2020, the company made a lot of changes, including updating its wallet and signing partnership deals to improve the platform. These proved to be good moves as the business has bloomed.