Crypto Wallet Firm BRD Acquired By Coinbase For Its Unique Expertise In Self-Custody

Coinbase, the largest local crypto exchange in the US, recently announced the acquisition of another company — this time a cryptocurrency wallet firm called BRD. The exchange was not revealing too many details regarding the acquisition, and the price of the deal remains unknown for now.

However, the exchange’s spokesperson did answer a few questions, including why the company was acquired. According to them, BRD possesses unique expertise in self-custody digital currency wallets, and this experience will be invaluable for achieving Coinbase’s own goal of enabling more people to safely and securely access the decentralized crypto world.

While the exchange did not offer more than that at this time, the spokesperson did add that Coinbase will share more information about how BRD and its Wallet teams will unite and what they are planning to achieve in the coming months.

About BRD

As mentioned, BRD is one of the crypto wallet companies, and a rather old one, being launched all the way back in 2014. Ever since the time when it was launched, BRD has had a strong focus on decentralization, security, and customer-controlled funds, respecting and following the original idea of cryptocurrency.

These days, the company has more than 10 million customers around the world, according to its co-founders, Aaron Voisine and Adam Traidman. The two wrote a website postin which they mentioned the milestone, and now, after the acquisition, they confirmed that BRD wallet users should not be concerned about the move.

They will likely not notice any changes, as they will be able to keep conducting their transactions as always. However, one thing that they can expect to see soon is an optional migration path to self custody with Coinbase Wallet. The duo added that this will not only be an option but likely a desirable one, as it will bring a special gift to BRD wallet users.

Coinbase wallet addressed the acquisition as well, mentioning it in the Twitter post. In addition to simply announcing it, Coinbase Wallet stated that its team is very excited about the prospect of doubling down on the investment in self-custody, as well as Web 3.

Their goal is the same as before — to find new solutions and methods in their pursuit of increasing economic freedom in the world.

BRD token skyrockets due to the Coinbase effect

Finally, the BRD wallet also has its native cryptocurrency — a token called Bread (BRD). The token experienced a similar phenomenon as most cryptocurrencies that get listed on Coinbase do — it saw a major price surge, otherwise known as the Coinbase effect.

Typically, only getting listed on the exchange is enough to send coin prices flying up. Following the acquisition, BRD went to the moon, skyrocketing by around 500%. The token went from $0.16 to $0.96 yesterday, November 24th, after the news of the acquisition was first released.

At the time of writing, November 25th, the token’s price is now over 700% higher than 24 hours ago, currently sitting at $1.34, and continuing its surge. Its market cap rose to $118 million, allowing it to reach the rank of 466th largest cryptocurrency — a position that will likely be left behind very soon as the token continues to progress.

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