The news has led to an increase in the price of the utility token by BRD, Bread, from $0.16 to $1.1.
In a letter addressed to the users of BRD crypto wallet, CEO Adam Traidman and co-founder Aaron Voisine confirmed the news that some of the team members are to be shifted to Coinbase. The executives assured users of complete safety and protection as the acquisition will not affect anything within the company’s operation set up.
A Twitter post by Coinbase Wallet provided the reason behind the team acquisition. It would specifically accelerate web3 adoption in the development of crypto wallets and at the same time offer deep expertise in developing self-custody wallets. Coinbase emphasized its goal to enable more people to get safe access to the decentralized world of crypto. One of the major benefits users will enjoy is an optimal migration path to self-custody with Coinbase Wallet.
The news about the team acquisition by Coinbase has been integral in the performance improvement of the utility token Bread (BRD) whose price surged from $0.16 to $1.1 post the acquisition.
BRD and Its Wallet
With a tagline that says ‘Move your money forward’, BRD is on a journey to make individuals direct owners of their wealth wherein they are able to access the same in a safe, secure and enjoyable way without any third party interference. It is the parent company behind two blockchain-based products namely the BRD consumer wallet and a B2B SaaS product called Blockset.
Available on iOS, this Bitcoin wallet is easy to use and at the same time secure as it uses the personal device’s built-in hardware encryption. Over 8 million people across 70 countries use the wallet for several activities like holing, trading, sending, receiving your bitcoin asset. Blockset, on the other hand, is a digital asset infrastructure platform that allows users and enterprises to develop highly secure and sophisticated blockchain-based applications in an economical and time-saving manner.
BRD has been on an expansion spree since 2020. It began with its wallet update that brought compatibility with Hedera Hashgraph’s HBAR token. Later the company announced its partnership with Elliptic, Unbound Tech and Ciphertrace regarding the release of its data integration platform that’s already in use by many crypto-based firms.
Benefits for Coinbase
Coinbase is a California-based online platform that was founded in 2012 with the mission to make the financial system completely open and transparent. It enables users to trade Bitcoin through their bank accounts and by creating their own bitcoin wallets. The team acquisition by Coinbase will prove integral in the company’s pursuit of its actual goal as it will bring the users closer to self-custody wallets.