Coinbase acquires crypto wallet provider BRD’s team as utility token price surges 500%

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Cryp­to wal­let provider BRD said “noth­ing will change” for users fol­low­ing an acqui­si­tion from major U.S. cryp­to exchange Coinbase.

In a Wednes­day let­ter to BRD users, CEO Adam Traid­man and co-founder Aaron Voi­sine said some of the company’s team mem­bers would be mov­ing to Coin­base to con­tin­ue work­ing on cryp­to wal­lets. Coin­base Wal­let said on Twit­ter that the addi­tion of the BRD team would “help accel­er­ate web3 adop­tion” as well as pro­vide “deep exper­tise in self-custody.”

“Noth­ing will change in the BRD wal­let app and as always, your funds are safe and secure,” said the BRD execs. “In the future, BRD wal­let users will have an option­al migra­tion path to self cus­tody with Coin­base Wallet.”

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.

Relat­ed: BRD’s CEO Dis­missed Cryp­to Until Over­hear­ing Andreessen Horowitz Execs

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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