November 25, 2021

Coinbase buys bitcoin wallet operator BRD

Coinbase buys bitcoin wallet operator BRD

Nasdaq-listed bitcoin exchange Coinbase has acquired the startup behind cryptocurrency wallet BRD, according to a statement from its founders.

In a letter to the BRD community, Adam Treidman and Aaron Voisin wrote:

Today we would like to share the news that our team members will continue their mission at Coinbase, where we will work together to bring decentralisation opportunities to even more users around the world.

They noted that in the BRD app "nothing will change at this time and your funds are safe".

You can continue transactions as usual. In the future, BRD users will have an optional upgrade path to self-storage with Coinbase Wallet, which will include a special gift, the BRD founders said

They promised to reveal details in 2022.

Coinbase Wallet developers wrote on Twitter that the BRD team would join them "to accelerate Web 3 adoption".

The team has in-depth knowledge of self-storage for cryptocurrencies, which will help us provide reliable and secure access to the decentralised world of cryptocurrencies, they said.

Amid the news, the startup's native token Bread (BRD) rose more than 10 times in price, from levels around $0.16 to $1.69. At the time of writing, the price has corrected and the coin is trading around $1.2.

As a reminder, Coinbase announced in September that it was issuing $1.5 billion in bonds. The company planned to use the funds to acquire startups, products and technology, among other things.

Subsequently, the exchange increased the issue of debt securities to $2 billion, citing strong demand.

In November, Coinbase announced the purchase of Agara, a startup that operates an artificial intelligence-based customer support platform.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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