Exchanges

Coinbase takes over crypto wallet company BRD for an undisclosed sum

  • Coinbase has acquired crypto wallet services provide BRD wallet
  • The amount of acquisition remains unclosed as well as other details
  • Users will be able to integrate Coinbase to their BRD wallets in future

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Coinbase, the biggest cryptocurrency exchange in the United States, has acquired crypto wallet company BRD, but the amount remains undisclosed. Following this announcement, BRD’s governance token prices by nearly 500% in a single day, attracting the attention of many investors.

Coinbase doubling down investment in wallets

It seems that Coinbase is doubling down investment in the security of their users’ wallets. As the crypto exchange acquires BRD, the amount involved in the deal remains undisclosed. It seems that the exchange aims to provide increased support to users’ as BRD is the “first mobile wallet” which was originally released as the “breadwallet” app in 2014.

“BRD’s unique expertise in self-custody crypto wallets will be invaluable in our goal of enabling more people to safely and securely access the decentralized world of crypto,” a source from Coinbase told CoinDesk in a statement.

The cryptocurrency exchange will release the details of the deal and the cumulative goals of Coinbase and BRD “in the coming months,” and we can expect more insight into the situation then. 

BRD’s community update

BRD instantly updated their website with a notice for the BRD community thanking over 10 million customers for their support and loyalty. Furthermore, the wallet firm stated that they will be working with Coinbase to “bring the power of decentralization to even more users around the globe.”

“Today, we would like to share the news that members of our team will be continuing our mission at Coinbase,” said BRD’s community post.

Moreover, the post also said that there wouldn’t be a change in the working of the BRD wallet, and users can continue the way they have been using the cryptocurrency wallet. Furthermore, there is an advantage for the BRD wallet users as they will have an option in the near future to integrate the wallet with their Coinbase accounts, “which will include a special gift.” However, the “gift” remains undisclosed. 

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