The NASDAQ-listed cryptocurrency exchange has bought crypto wallet startup Breadwinner AG, better known as BRD, in a new acquisition.
BRD co-founders Adam Traidman and Aaron Voisine announced the news in a community update on Wednesday, November 24. The announcement reads:
“Today, we would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe.”
Founded in 2015, the company’s cryptocurrency wallet, previously known as Breadwallet, is a mobile-first wallet with more than 10 million customers and $20 billion in assets under protection. The wallet app is available on Google Play Store and Apple App Store in more than 170 countries with support for 14 languages. The company is also the maker of Blockset, a digital asset infrastructure platform that accelerates blockchain development & provides enterprise-grade scalability, availability, & performance.
The leading cryptocurrency exchange Coinbase has now acquired BRD for an undisclosed amount. As part of the acquisition, the BRD team will join the Coinbase Wallet team. The official Twitter handle of Coinbase Wallet wrote:
We have great news – the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto.
— Coinbase Wallet (@CoinbaseWallet) November 24, 2021
“We have great news – the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto.”
In the community update, co-founders Traidman and Voisine noted that nothing would change initially. They wrote:
“At this time, nothing will change in the BRD wallet app and as always, your funds are safe and secure. You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self-custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022.”
The company has also its own utility token Bread (BRD) which rocketed about 500% from $0.16 to about $0.96 on Wednesday following the announcement of the acquisition.
Coinbase Partners with Adidas Originals
The sportswear apparel firm Adidas Originals appears to be warming up for a dive in the crypto, Metaverse, and NFT space as it announced a partnership with Coinbase and Metaverse gaming project The Sandbox.
We’ve partnered with @coinbase.
— adidas Originals (@adidasoriginals) November 24, 2021
Adidas announced the partnership in an interesting announcement on Twitter, saying that it is “probably nothing.” Although the company didn’t provide any details, the partnership suggests that the German firm has taken a major step forward into the cryptocurrency and blockchain industry.