Coinbase Acquires BRD Crypto Wallet Team - Expanding Web3 Capabilities

Coinbase Acquires BRD Wallet Team

Efforts to attract a new wave of users to cryptocurrency are ongoing, and user-friendly wallet applications have become a key entry point for many.

Coinbase has recently announced the acquisition of the team behind BRD, a cryptocurrency wallet startup initially launched in 2014. BRD’s co-founders have assured users that there will be no immediate changes to their existing wallets, and that their funds remain protected.

BRD's History and Features

BRD was a pioneering force in the mobile crypto wallet sector. Initially focused on Bitcoin storage, the wallet expanded to support a diverse range of tokens.

Through collaborations with cryptocurrency exchanges, BRD enabled users to not only store digital assets but also to buy, sell, and exchange them. The company reports having over 10 million users.

Impact on Coinbase Wallet

According to a statement from the Coinbase Wallet team on Twitter, the BRD team’s expertise in self-custody solutions will be instrumental in enhancing the security and accessibility of the Coinbase Wallet. This will allow more individuals to confidently engage with the decentralized crypto ecosystem.

Funding and Acquisition Details

BRD had previously secured significant venture capital investment, totaling approximately $55 million from firms including SBI Crypto Investment and East Ventures.

The financial details of the acquisition were not disclosed by either Coinbase or BRD.

Future Plans for BRD Users

Adam Traidman and Aaron Voisine, BRD’s co-founders, have indicated plans to develop a process for users to migrate their wallet holdings to the Coinbase Wallet application. However, this transition will be entirely voluntary.

Users will have the option to continue using their existing BRD wallets without interruption.