Coinbase, the largest digital asset exchange in the US, has acquired crypto wallet provider Bread Wallet.
Bread Wallet is an open-source cryptocurrency software wallet meant for mobile use, with a focus on user-friendliness. It is a decentralized application that doesn’t connect to any central server, and instead connects directly to each cryptocurrency’s blockchain.
Founded in Switzerland in 2015, Bread Wallet has acquired over 10 million users. It’s utility token is BRD. In a new announcement, Bread Wallet says users on the platform will not see any change, but will have the option to migrate into Coinbase Wallet.
“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.”
And, according to Coinbase:
“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.”
Following the news, the BRD token exploded, and may not be done yet. According to data from CoinGecko, BRD went from $0.16 to $1.51 in a matter of hours for a gain of 841%. Currently, BRD has cooled off slightly and is now trading at $1.30, but still looking very strong.
Earlier this month, Conbase also acquired Indian startup Agara. Agara is in artificial intelligence support platform with operations in both India and the US. According to Coinbase, the acquisition was part of a bigger effort to improve its customer support department.
“We plan to leverage Agara’s powerful Deep Learning and Conversational AI technology to automate and enhance our customer experience (CX) tools. Improving our CX remains a top priority for Coinbase — in the past few months we have increased our support staff headcount by 5x and announced that we’ll deliver 24/7 phone support and live messaging by end of year. Through this acquisition, we’ll be able to provide our customers with new personalized, intelligent, and real-time support options.”