Coinbase acquires crypto pockets supplier BRD’s group as utility token value surges 500%
Crypto pockets supplier BRD mentioned “nothing will change” for customers following an acquisition from main U.S. crypto exchange Coinbase.
In a Wednesday letter to BRD customers, CEO Adam Traidman and co-founder Aaron Voisine said a few of the firm’s group members can be shifting to Coinbase to proceed engaged on crypto wallets. Coinbase Wallet said on Twitter that the addition of the BRD group would “help accelerate web3 adoption” in addition to present “deep expertise in self-custody.”
“Nothing will change in the BRD wallet app and as always, your funds are safe and secure,” mentioned the BRD execs. “In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet.”
Formerly referred to as Breadwallet, BRD is behind the utility token Bread (BRD). According to information from CoinMarketCap, the token value surged greater than 500% inside two hours of reports of the Coinbase acquisition breaking, rising from roughly $0.16 to $1.01.
Related: BRD’s CEO Dismissed Crypto Until Overhearing Andreessen Horowitz Execs
BRD introduced quite a lot of expansions in 2020, together with updating its pockets compatibility to permit storage of Hedera Hashgraph’s HBAR token in June. In September, the agency partnered with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to assist introduce its information integration platform utilized by monetary establishments and crypto corporations contemplating offering custody options.