AUS
NZ
UK
CA
USA
IND
Highlights
- Crypto wallet firm BRD’s value skyrocketed, following its acquisition by crypto exchange, Coinbase
- Immediately following the announcement on Wednesday, BRD’s utility token, Bread skyrocketed from US$0.16 to US$1.63 - an astonishing 500%
- BRD aims to provide consumers with the easiest and most secure way to buy and protect cryptocurrencies
Acquisitions are good news for cryptocurrencies. Consumer wallet apps have been one of the major onramps as crypto companies seek to attract a new generation of users.
This has been most recently evidenced by the utility token powering crypto wallet firm, BRD, whose value skyrocketed following its acquisition by crypto exchange, Coinbase.
The Terms of the Acquisition
Coinbase announced the deal on Wednesday. Although the specific terms of the deal were not disclosed, a Coinbase spokesperson said BRD’s expertise in the area of self-custody crypto wallets will help them in their goal of giving people a safe and secure way to access the decentralised world of digital currency.
The spokesperson added that they’ll be sharing the specifics of just how the two companies will unite, in the coming weeks.
BRD’s Price Boost
Immediately following the announcement on Wednesday, BRD’s utility token, Bread skyrocketed from US$0.16 to US$1.67 – a rise of an astonishing 900%.
It has since settled back to US$1.04, which is still a record high for this year. The previous high was US0.58 on April 6, 2021.
Prior to that, BRD’s price spent the majority of its time coasting below US$0.50 from June, 2018.
BRD’s market cap sits at US$87,236,779 as of November 26 with a total supply of 88,862,718 tokens.
What is BRD?
BRD aims to provide consumers with the easiest and most secure way to buy and protect cryptocurrencies.
BRD raised a hefty amount of venture capital funding from firms like SBI Crypto Investment and East Ventures, banking nearly US$55 million in venture funding.
Formally known as Breadwallet, the company was launched in 2014 and now has over 10 million customers worldwide, according to cofounders Adam Traidman and Aaron Voisine.
In a post to their website, two cofounders said nothing will change in the BRD wallet app, adding that their customer’s can continue to transact normally, although users of the BRD wallet will soon have an optional migration path to self custody with Coinbase Wallet. They added, the migration path will include a special gift.
The Verdict
This latest development marks another step forward for BRD, which also had several expansions in 2020, including an update to its wallet compatibility as well as a partnership with Ciphertrace, Chainalysis, Elliptic and Unbound Tech.
This latest move is a good sign for BRD moving forward.
