Coinbase acquires BRD wallet and token shoots 700%

The Metaverse tokens continue with an expressive valuation, but were totally eclipsed by the Bread (BRD). 

This move was so sudden that it caused all token indicators to increase by at least double digits. For example, the market value rose 630% to US$587.7 million.

However, the indicator that gained the most strength was the volume traded in the last 24 hours. Before the announcement, the BRD did not reach $2 million, but later the volume reached an impressive $3.4 billion. According to CoinMarketCap, the increase was 188.975%.

Coinbase buys BRD wallet and token fires

The BRD’s flight was motivated by Coinbase, which announced the purchase of the BRD wallet (formerly Breadwallet). According to the official blog, the negotiation was concluded on Wednesday (24). However, the purchase amounts were not disclosed.

Coinbase highlighted that the BRD team will be integrated into the exchange’s staff. The objective of the new members will be to help the company to adopt Web 3 engines more quickly, as well as to increase the security of Coinbase’s wallet.

According to the founders of BRD, the purchase by Coinbase will not entail immediate changes. At first the application will continue to work independently. In the future, the device will be integrated with Coinbase’s escrow service and users will be able to decide if they want to migrate.

The BRD is precisely the wallets’s native token, whose origins date back to 2014, making BRD one of the oldest wallets on the market. Currently, the app has about 5 million users and $6 billion in stored cryptocurrencies.

BRD is one of the best known online wallets for cryptocurrencies. In this way, it allows users to carry and spend their BTC more easily. Although it is an online wallet, BRD is a self-custodian wallet. That is, the private keys are under the user’s control.

On the other hand, the private keys of Coinbase wallet users are under the responsibility of the exchange. Thus, it is likely that the platform is looking to provide alternative custody solutions to its customers.