Coinbase acquires BRD wallet as it pushes on Web3

Karthik Subramanian

Coinbase, the largest crypto exchange in the US, has announced the acquisition of BRD wallet which not only includes the wallet and the technology but the acquisition would also include the hiring of the team behind the wallet as well.

The move is seen as a push by Coinbase to further the cause of Web3 and is in line with its mission to put crypto into the pockets of as many users as possible in the coming months. On the other hand, this is a bit of a curious move as well as Coinbase already has its wallet functionality which is used by its customers. It is also likely to have the technology to push further into the wallet base and so this move can only be viewed as something with an eye on the 10 million customers that BRD is reported to have. Coinbase would now have access to this large userbase which will help to further its cause.

“BRD’s unique expertise in self-custody crypto wallets will be invaluable in our goal of enabling more people to safely and securely access the decentralized world of crypto,” a Coinbase spokesperson said.“We’ll be sharing more information in the coming months about how BRD and Wallet teams will unite.”

BRD was one of the first wallet teams to onboard the crypto industry and it started as a wallet in 2014 on which users would be able to store bitcoin, send and receive it as well. Over the years, it has continued to work on the wallet to add many more chains and a large variety of tokens and also tied up with many exchanges to enable swapping between various tokens as well. This has helped it to acquire a lot of users over a long period. The financial details of the acquisition have not been revealed.

This deal would be a huge push ahead for the wallet team and the wallet industry in general as the crypto wallets are the basis for any kind of blockchain network but it has never got its due as all the shine was taken away by much more complex products. But it has to be remembered that it is these wallets that are instrumental in onboarding new mainstream users into the crypto world and there is still a large scope for improvement in them.

Read this next

Institutional FX

Integral also grapple with weak FX volumes in December

Foreign exchange trading volumes dropped in December across Integral’s trading platforms as many traders were away on annual leave and currency markets saw a relatively quiet period. December volumes outpaced those of last year, though turnover is still down month-over-month.

Digital Assets

BitMEX to turn German bank into regulated crypto products powerhouse in Europe

The historic German bank is already a leader in the application of blockchain technology and offers a range of digital assets banking services, including custody, tokenization, efficient payment transactions, and regulatory secure market access.

Industry News

CryptoUK appoints Teana Baker-Taylor as non-executive director

“CryptoUK is moving the needle on policy and regulatory framework development to ultimately build trust and protect all participants, from retail investors to the crypto industry players”

Retail FX

Skilling raises €10m to expand brokerage further after triple-digit growth in 2021

“This fundraising round represents the beginning of the next phase of Skilling’s growth as we further assert ourselves in the fintech industry”

Industry News

oneZero adds two more FX veterans, Indu Maheshwari and Kevin Verardi

The news of Indu and Kevin’s appointments comes a month after Jim Sullivan was announced as the company’s General Counsel, where he will be responsible for the company’s global legal function, based in New York.

Technology

Pareto Securities goes live with Broadridge’s OMS for low and high touch agency trading

The solution combines order management, market connectivity and smart order router (SOR) components developed by Itiviti, which was acquired by Broadridge last year in a $2.5 billion deal.

Retail FX

INGOT Brokers taps Acquity and Signal Centre for MT4/5 EAs and news analytics

INGOT Brokers is helping traders cut through the noise and get a clearer picture of the emerging market trends as well as better spot trading opportunities with AI-powered signals.

Digital Assets

Can the Ripple lawsuit be traded with Wrapped XRP to circumvent XRP delisting in US?

wXRP is a derivative product that is pegged to the digital asset that the SEC claims to be a security in what has been dubbed “the cryptocurrency lawsuit of the century”.

Digital Assets

e-CNY wallet downloads swell, but actual usage disappoints

China’s central bank has released a wallet app for payments and money transfers using the digital yuan earlier this month. Although the e-CNY wallet was the most downloaded app in January, but according to a Reuters report the actual use in transactions has been far less impressive.

<