Cryptocurrency wallet provider BRD said “nothing will change” for users after Coinbase, the largest cryptocurrency exchange in the US, acquired the platform.
In a November 24 letter to BRD users, the CEO, Adam Traidman, and the co-founder, Aaron Voisine, They said that some of the company’s team members would join Coinbase to continue working on cryptocurrency wallets. Coinbase Wallet said on Twitter that the addition of the BRD team “would help accelerate the adoption of Web 3.0” as well as provide “a deep experience in self-custody.”
“Nothing will change in the BRD wallet app and as always your funds are safe and secure”, BRD executives said. “In the future, BRD wallet users will have an optional migration path for self-custody with Coinbase Wallet.”
Formerly known as Breadwallet, BRD is behind the utility token Bread (BRD). According to data from CoinMarketCap, The price of the token soared more than 500% two hours after the news of the acquisition by Coinbase was revealed, going from about $ 0.16 to $ 1.01.
BRD announced a series of expansions in 2020, including updating its portfolio compatibility to allow storage of Hedera Hashgraph’s HBAR token in June. In September, the company partnered with Ciphertrace, Chainalysis, Elliptic, and Unbound Tech to help introduce its data integration platform used by financial institutions and cryptocurrency companies that are considering offering escrow solutions.