BRD’s utility token soared by more than 580% with the announcement of the acquisition, which will see the team behind BRD join Coinbase Wallet.
Crypto wallet company BRD was acquired by Coinbase, the largest US cryptocurrency exchange, for an undisclosed amount.
According to a post on the blog of BRD co-founders Adam Traidman and Aaron Voisine:
“Our team members will continue our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the world.”
The blog post went on to reassure BRD wallet users, “at the moment, nothing will change in the BRD Wallet app and, as always, your funds are safe and secure..”
According to a tweet from Coinbase Wallet, the BRD team will join the Coinbase Wallet team”to help accelerate web3 adoption“.
Coinbase Wallet is a self-care wallet that allows users to control their own private keys; it is different from the wallets offered to users on the Coinbase exchange, which are controlled by Coinbase itself.
According to Traidman and Voisine, BRD wallet users will have a “optional migration path to self-custody with Coinbase Wallet, which will include a special gift“.
Upon news of the acquisition, the portfolio’s utility token, BRD, jumped from $0.16 to a high of more than $1.50. It currently trades at $1.14, up 588% in the last 24 hours.
What will happen to the native token when the wallet team switches to the Coinbase Wallet has yet to be revealed.