Coinbase Acquires Crypto Wallet Provider BRD Pool As Utility Token Price Increases 500%

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2021-11-26 00:47:38

“Nothing will change in the BRD wallet app and as always, your funds are safe and secure,” said BRD CEO Adam Traidman and co-founder Aaron Voisine.

Cryptocurrency wallet provider BRD says “nothing will change” for users following its acquisition from major US crypto exchange Coinbase.

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

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

Formerly known as Breadwallet, BRD is behind the Bread utility token (BRD). According to data from CoinMarketCap, the token price jumped more than 500% within two hours of news of the breakup of the Coinbase acquisition, rising from around $0.16 to $1.01.

BRD announced several expansions in 2020, including updating its wallet compatibility to allow storage of Hedera Hashgraph’s HBAR tokens in June. In September, the company partnered with Ciphertrace , Chainalysis, Elliptic and Unbound Tech to help showcase a data integration platform used by financial institutions and crypto companies considering offering custody solutions.

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