Cryptocurrency provider BRD said "nothing will change" for users following an acquisition of major US crypto exchange Coinbase.
In a Wednesday letter to BRD users, CEO Adam Traidman and co-founder Aaron Voisine said some of the company's team members would move to Coinbase to continue working on crypto wallets. Coinbase wallet said on Twitter that the addition of the BRD team "would help accelerate the adoption of web3" and provide "a great experience in self-custody."
"Nothing will change in the BRD wallet app and, as always, your funds are safe and secure," BRD executives said. "In the future, BRD Wallet users will have an optional migration path to self-custody with Coinbase Wallet."
Formerly known as Breadwallet, BRD is behind the Bread utility token (BRD). According to data from CoinMarketCap, the price of the token arose more than 500% within two hours of the news of the breakdown of the Coinbase acquisition, rising from roughly $ 0.16 to $ 1.01.
Related: BRD CEO fired Crypto until he heard from Andreessen Horowitz executives
BRD announced a series of expansions in 2020, including updating your wallet compatibility to allow storage of Hedera Hashgraph's HBAR token in June. In September, the company partnered with Ciphertrace, Chainalysis, Elliptic, and Unbound Tech to help presents its data integration platform used by financial institutions and crypto companies considering providing escrow solutions.
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