Crypto exchange and blockchain services firm Coinbase has acquired BRD Wallet, a free and open-source crypto wallet platform.
With the acquisition, the BRD team will be joining in the Coinbase Wallet, contributing to the development of self-custody protocols and Web3 integration. This latest acquisition from Coinbase follows a series of acquisitions that would prove to become pivotal as the mainstream exchange delves further into new implementations of blockchain-based technologies, alongside the improvement of its custodial services.
Coinbase has also acquired Indian machine learning and natural language processing advertisement platform Agara, blockchain infrastructure platform-as-a-service Bison Trails, and blockchain analytics firm Skew. Coinbase has also acquired Zabo, a team developing wallet interoperability protocols.
“We want to thank our loyal and dedicated users who have helped grow our community to over 10M customers around the world. We consider ourselves lucky to have played a role in mainstream cryptocurrency adoption and have thoroughly enjoyed interacting with our user community and dedicated fans.” BRD shared in a statement.
BRD was launched sometime in 2014 with the moniker “breadwallet” and has since pioneered crypto wallet technologies to its over 10 million users over the years. According to BRD, their own wallet will go on to operate normally, and that their existing users will be provided with the option of fully migrating to Coinbase Wallet by 2022.
According to Coinbase, its acquisition of BRD will bring “deep expertise in self-custody for crypto wallets,” adding that the move also aligns with its current goal of expanding its reach and viability for “investment[s] in self-custody and Web3.” Notably, BRD’s team will be working on an already existing product, and that this product already has similar features implemented.
Earlier this month, Coinbase launched a standalone browser extension of Coinbase wallet. At the time of writing, BRD’s $BRD token Bread utility token has gone up by at least 500%, surging upwards from $0.16 to $1.01.|
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.