Crypto wallet provider BRD has been acquired by major U.S. crypto exchange Coinbase.
The CEO Adam Traidman and co-founder Aaron Voisine of BRD said some of the company’s team members would be moving to Coinbase in order to continue working on crypto wallets. Coinbase Wallet took to Twitter and said that the addition of the BRD team would “help accelerate web3 adoption” as well as provide “deep expertise in self-custody.”
Formerly known as Breadwallet, BRD is responsible for the utility token Bread (BRD). According to data the token price surged more than 500% within two hours of news of the Coinbase acquisition, increasing from roughly $0.16 to $1.01.
BRD announced a number of expansions in 2020 which included updating its wallet compatibility to allow storage of Hedera Hashgraph’s HBAR token in June. In September, the firm joined with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to help introduce its data integration platform used by financial institutions and crypto firms considering providing custody solutions.
