Coinbase Acquires Crypto Wallet Firm BRD for Undisclosed Amount

The price of BRD’s utility token rocketed about 500% following the announcement of the deal.

Nov 24, 2021 at 8:44 p.m. UTC
Updated Nov 24, 2021 at 10:02 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Coinbase, the largest U.S. cryptocurrency exchange, has acquired crypto wallet firm BRD, according to Coinbase, which did not disclose the terms of the deal.

“BRD’s unique expertise in self-custody crypto wallets, will be invaluable in our goal of enabling more people to safely and securely access the decentralized world of crypto,” a Coinbase spokesperson told CoinDesk on Wednesday. “We’ll be sharing more information in the coming months about how BRD and Wallet teams will unite.”

Launched in 2014 with a focus on decentralization, security and customer-controlled funds, BRD now has over 10 million global customers, according to a website post from co-founders Adam Traidman and Aaron Voisine. The duo said that BRD wallet customers will be able to continue to transact normally, though users will eventually “have an optional migration path to self custody with Coinbase Wallet, which will include a special gift.”

In a Twitter post announcing the acquisition, Coinbase Wallet noted that “we’re excited to be doubling down on our investment in self-custody and Web 3 in pursuit of increasing economic freedom in the world.”

The price of BRD’s utility token, Bread (BRD), rocketed about 500% from $0.16 to about $0.96 on Wednesday following the announcement of the acquisition, according to CoinMarketCap.

UPDATE: (Nov. 24, 22:02 UTC): Updated with the price movement in BRD’s utility token.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

Trending

1
CoinDesk - Unknown
Crypto’s Credibility Problem – and How to Solve It

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Americas: Bitcoin Heads for Record 8-Week Losing Streak

The latest moves in crypto markets in context for May 20, 2022.

The latest moves in crypto markets in context for May 20, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

CoinDesk - Unknown
4
CoinDesk - Unknown
The Future of Blockchain Technology: Building It Decentralized, Secure and Efficient

The core challenges facing the crypto community as they strive toward mass adoption.

The core challenges facing the crypto community as they strive toward mass adoption.

CoinDesk - Unknown