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

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Crypto pockets supplier 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 among the firm’s crew members can be transferring to Coinbase to proceed engaged on crypto wallets. Coinbase Pockets said on Twitter that the addition of the BRD crew would “assist speed up web3 adoption” in addition to present “deep experience in self-custody.”

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“Nothing will change within the BRD pockets app and as at all times, your funds are secure and safe,” stated the BRD execs. “Sooner or later, BRD pockets customers may have an elective migration path to self custody with Coinbase Pockets.”

Previously often known as Breadwallet, BRD is behind the utility token Bread (BRD). Based on information from CoinMarketCap, the token value surged greater than 500% inside two hours of stories of the Coinbase acquisition breaking, rising from roughly $0.16 to $1.01.

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

BRD introduced a variety 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.