The US crypto exchange Coinbase has acquired crypto wallet provider BRD’s team, the firm’s CEO and co-founder have assured users that “Nothing will change in the BRD wallet app and as always, your funds are safe and secure.”
CEO Adam Traidman and co-founder Aaron Voisine wrote to BRD users on Wednesday, saying that some of the company’s employees will be going to Coinbase to continue working on crypto wallets.
The inclusion of the BRD team, according to Coinbase Wallet, will “help speed web3 adoption” and give “strong knowledge in self-custody.”
“Nothing will change in the BRD wallet app, and your funds will remain safe and secure as always,” the BRD executives added. “In the future, BRD wallet users will have the option of migrating to Coinbase Wallet for self-custody.”
BRD is the company behind the utility token Bread, which was previously known as Breadwallet (BRD). According to CoinMarketCap data, the token price increased by more than 500% in two hours after news of the Coinbase acquisition broke, rising from $0.16 to $1.01.
In June, BRD announced a number of enhancements for 2020, including a wallet update that allowed storage of Hedera Hashgraph’s HBAR coin.
In September, the company teamed up with Ciphertrace, Chainalysis, Elliptic, and Unbound Tech to help launch its data integration platform, which is utilized by financial institutions and crypto businesses looking to provide custody services.