Coinbase acquires crypto wallet provider BRD’s team as utility token price surges 500%

Crypto wallet provider BRD stated “nothing will change” for customers following an acquisition from main U.S. crypto alternate Coinbase.

In a Wednesday letter to BRD customers, CEO Adam Traidman and co-founder Aaron Voisine said a few of the firm’s team members could be shifting to Coinbase to proceed engaged on crypto wallets. Coinbase Wallet said on Twitter that the addition of the BRD team would “help accelerate web3 adoption” as properly as present “deep expertise in self-custody.”

“Nothing will change in the BRD wallet app and as always, your funds are safe and secure,” stated the BRD execs. “In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet.”

Formerly recognized as Breadwallet, BRD is behind the utility token Bread (BRD). According to information from CoinMarketCap, the token price surged greater than 500% inside two hours of reports of the Coinbase acquisition breaking, rising from roughly $0.16 to $1.01.

Related: BRD’s CEO Dismissed Crypto Until Overhearing Andreessen Horowitz Execs

BRD introduced plenty of expansions in 2020, together with updating its wallet compatibility to permit storage of Hedera Hashgraph’s HBAR token in June. In September, the agency partnered with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to assist introduce its data integration platform utilized by monetary establishments and crypto corporations contemplating offering custody options.

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