Coinbase Acquires Team From Crypto Wallet Provider BRD As Utility Token Price Rises 500%

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Crypto wallet provider BRD said “nothing will change” for users following an acquisition from leading U.S. cryptocurrency exchange Coinbase.

In a letter to BRD users on Wednesday, CEO Adam Traidman and co-founder Aaron Voisine said some members of the company’s team will move to Coinbase to continue working on crypto wallets. Coinbase Wallet said on Twitter that the addition of the BRD team “would help accelerate the adoption of Web3” and provide “in-depth auto-custody expertise.”

“Nothing will change in the BRD wallet application and, as always, your funds are safe,” BRD executives said. “Going forward, BRD Wallet users will have an optional self-custody migration path with Coinbase Wallet.”

Formerly known as Breadwallet, BRD is the originator of the Bread Utility Token (BRD). According to data from CoinMarketCap, the price of the token jumped more than 500% within two hours of announcing the breakdown of the Coinbase acquisition, from around $ 0.16 to $ 1.01.

Related: BRD CEO Fired Crypto Until He Heard From Andreessen Horowitz Executives

BRD has announced a number of expansions in 2020, including updating its wallet compatibility to allow storage of Hedera Hashgraph’s HBAR token in June. In September, the company partnered with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to help showcase its data integration platform used by financial institutions and crypto companies considering providing custody solutions.

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