One of the primary consumer onramps for crypto enthusiasts looking to onboard a new set of customers has been a slew of consumer wallet apps with sleek interfaces.
In a new development, Coinbase stated that it has hired the team from BRD, a cryptocurrency wallet startup that launched its mobile wallet in 2014. Despite the company transitioning to Coinbase, BRD’s co-founders emphasized that for the time being, nothing will change for BRD users, that their wallets will continue to function properly, and that their “funds are safe and secure.”
The wallet venture was a pioneer player in the mobile crypto wallet industry, starting as a location for people to keep bitcoin but quickly expanding to include a large network of tokens as well as the ability to purchase, sell, and swap cryptocurrencies through agreements with exchanges. The company boasts to have a user base of more than ten million people.
In a tweet confirming the news, Coinbase Wallet via its official page stated that the team from BRD comes with 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.
BRD received roughly $55 million in venture capital funding from organizations such as SBI Crypto Investment and East Ventures.
The terms of the acquisition were not disclosed by Coinbase or BRD.
Co-founders Adam Traidman and Aaron Voisine said they’re working on a “migration path” allowing customers to move their wallet contents to the Coinbase Wallet app, but it’ll be completely optional.