Coinbase Acquired BRD, After That the Price of BRD Token Skyrocketed By 500%

Coinbase, the largest American cryptocurrency exchange, acquired the BRD cryptocurrency wallet provider, after which the value of the Bread (BRD) utility token skyrocketed by more than 500%.

In a letter to BRD users, CEO Adam Trademan and co-founder Aaron Voisin said that some of the company’s team members will join Coinbase to continue working on cryptocurrency wallets, but for users nothing will change.

Coinbase Wallet tweeted that engaging the BRD team will help accelerate the adoption of web3 to the platform.

BRD executives added that nothing will change in the wallet application, user funds remain completely safe. And in the future, users will even get an additional path to self-storage using the Coinbase wallet.

According to CoinMarketCap, just a few hours after the news of the provider’s purchase, the token’s price jumped more than 500%, rising from about $0.16 to $1.01.

BRD announced a number of extensions in 2020, including a compatibility update for its wallet so that it can store the HBAR Hedera Hashgraph token in June. In September, the company teamed up with Ciphertrace, Chainalysis, Elliptic and Unbound Tech to help unveil its data integration platform used by financial institutions and crypto firms considering providing storage solutions.

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