Coinbase Acquires Crypto Wallet Provider BRD's Team, BRD Price Soars 500%

Crypto wallet provider BRD says "nothing will change" for users following its acquisition by major U.S. crypto exchange Coinbase.

In a letter to BRD users on Wednesday, the company’s CEO Adam Traidman and co-founder Aaron Voisine said some of the company’s team members will be transferring to Coinbase to continue work on the crypto wallet. Coinbase Wallet tweeted that the addition of the BRD team will "help accelerate web3 adoption" and provide "deep expertise in self-hosting."

BRD executives said: “There will be no changes to the BRD Wallet app and your funds will remain as safe as ever. Going forward, BRD Wallet users will have an optional migration path to self-custody with Coinbase Wallet.”

BRD was formerly known as Breadwallet and its utility token is Bread (BRD). Within two hours of news of Coinbase’s acquisition of BRD, the token’s price surged more than 500 percent, from roughly $0.16 to $1.01, according to CoinMarketCap.

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

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