The largest U.S. cryptocurrency exchange, Coinbase, has acquired crypto wallet firm BRD, in order to accelerate web3 adoption.
Coinbase said that BRD team has expertise in self-custody for crypto wallets, and this will help Wallet enable more users to safely and securely access the decentralized world of crypto.
The terms of the deal were not disclosed. BRD Co-founder Adam Traidman
said that for now nothing will change in the BRD wallet app and users may continue to transact normally. In the future, users of BRD wallet will get an optional migration path to self custody with Coinbase Wallet, which will include a special gift.
"we’re excited to be doubling down on our investment in self-custody and Web 3 in pursuit of increasing economic freedom in the world." twitted Coinbase Wallet.
BRD’s utility token's value rocketed about 500% following the announcement. Coinbase will share more information in the coming months about how BRD and Wallet teams will integrate.
Launched as the open-source “breadwallet” app in 2014, BRD wallet now has over 10M customers around the world. The platform launched a number of expansions in 2020, including updating its wallet compatibility to enable storage of Hedera Hashgraph's HBAR token in June. The firm partnered with Ciphertrace, Chainalysis, Elliptic and Unbound Tech, in September, to promote its data integration platform used by crypto firms considering providing custody solutions.