In Brief:
- Coinbase announced its acquisition of crypto wallet firm BRD.
- The crypto exchange intends to accelerate web3 adoption with this acquisition.
- BRD wallet will not experience any change and users’ funds will remain safe and secure.
Cryptocurrency exchange Coinbase announced its acquisition of crypto wallet startup BRD.
According to Coinbase Wallet, the crew from BRD will aid them to accelerate web3 adoption.
The Wallet believes that the BRD team’s expertise in self-custody for crypto wallets will assist Coinbase with its crypto security and safety requirements.
As stated in the blogpost from BRD themselves, the acquisition seeks to expand decentralization’s power to even more users around the world.
BRD debuted as an app in 2014 with the goal of making crypto custody more accessible to the general public, and it now has over 10 million users worldwide.
The crypto wallet firm indicated that nothing will alter in the wallet app, and the users’ wallets will continue to function regularly with their funds being safe and secure.
BRD’s co-founders, Adam Traidman and Aaron Voisine, stated “You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022.”
According to CoinMarketCap data, the price of BRD’s utility token Bread increased by more than 500% in less than two hours after the Coinbase acquisition announcement.
Coinbase Wallet has been actively trying to make the user experience much easier. Recently the wallet even launched its standalone browser extension. Users no longer need to confirm transactions on their smartphones thanks to this feature.
