Leading crypto exchange Coinbase announced that they have bought the crypto wallet startup BRD
A notice from the leadership team at Coinbase has announced that they would be buying out crypto e-wallet startup BRD. Acquiring the business has been done with the aim of bringing decentralization to the rest of the world, with Coinbase investing in various other companies and technologies already.
Leading crypto exchanges are some of the most recognizable names in the industry, which these companies are using to accelerate their growth as companies and expand into other sectors of the crypto industry.
What has Coinbase said about the deal?
A recent letter addressed to BRD‘s customers published this week by co-founders Adam Traidman and Aaron Voisine read "Today, we would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe."
The beauty of things for Coinbase is that the BRD wallet app is already ready to go. They will move some members of the team over to Coinbase, but keep the wallet much the same as it already is—offering a ready-to-go, safe and secure e-wallet system.
The co-founders of BRD also commented on what the future has in store for the current active BRD wallet users, they said "You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022".
Coinbase has a great deal of hope for web3 and metaverse adoption, with decentralized currency at the foundation of these projects. It’s an exciting time to be a part of the Coinbase team, with some quite innovative new projects taking place. The only question that remains is what will happen with BRD’s native token $BRD, which is given to customers as part of a loyalty program.
The BRD wallet is a shrewd acquisition for Coinbase, as they have developed a smart business that reaches clients in over 170 countries around the world. The company was first formed in 2014, building a great service, team and dedicated community of users.
At the point the acquisition was completed, BRD boasted over $20 billion in assets. In keeping with the Coinbase vision the wallet is ready for the international market, offering support in 14 languages. BRD is well-backed, having raised over $55 million in funding and over 8 million active customers worldwide.