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Coinbase acquired crypto wallet firm BRD to accelerate web3 adoption

BRD
Image credits: BRD

If you own cryptocurrency, then you will know that it is tedious to get it converted into currency or find reliable ways to spend it. This is where digital currency exchange platforms come to play. San Francisco-based Coinbase is one such platform that has now announced the acquisition of Swiss crypto wallet firm BRD.

The largest US cryptocurrency exchange, Coinbase, has not disclosed the terms of the deal. Following the acquisition, the cost of BRD utility token – Bread, skyrocketed to nearly 500 percent from $0.16 to $0.96, as per CoinMarketCap.

While this acquisition does not change anything for the BRD users for now and their wallets will remain to operate normally, the team at the Swiss firm will transition to Coinbase. Also, the co-founders of BRD assure that the funds of users are safe. The users of BRD wallet will get an optional migration to move to Coinbase Wallet and it will include a special gift. They added that further details will be revealed in 2022.

Why Coinbase chose BRD?

BRD is focused on security, decentralisation, and customer-controlled funds. Debuted in 2014, it has over 8 million customers across 170 countries. The founders of BRD – Aaron Voisine and Adam Traidman took to a blog post to announce that the acquisition by Coinbase will accelerate their decentralisation mission. They will work together with the US cryptocurrency exchange platform to bring decentralisation to more users worldwide.

The team at Coinbase has acquired the crypto wallet firm BRD as the latter will help them in the adoption of web3. Also, the BRD team has good expertise in crypto wallets and it will help Coinbase meet the safety and security requirements of users.

BRD started as a wallet startup that lets users store bitcoin and grew into a wide network of tokens. It offers users the ability to buy, swap and sell cryptocurrencies via partnerships with exchanges. Notably, this wallet firm has a whopping user base of over 10 million. Besides this, BRD has raised huge venture capital funding of nearly $55 million from backers such as SBI Crypto Investment and East Ventures.

How does Coinbase work?

Founded by Brian Armstrong and Fred Ehrsam in 2012‎, Coinbase is a digital currency wallet and platform. It lets merchants and customers transact with new digital currencies such as bitcoin, ethereum, and litecoin. The company works with the intention to bring more efficiency, innovation, and equality of opportunity to people all over the world with its open financial system. Firstly, it makes digital currency accessible to everyone. Secondly, it creates user-focused products and solutions that are easier to use.

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