Cryptocurrency exchange Coinbase has acquired Switzerland-based cryptocurrency wallet developer BRD for an undisclosed sum, marking exits for corporates SBI Holdings, Ripple, OKWave and Credit Saison, CoinDesk reported yesterday.
Formerly known as Breadwallet, BRD launched a mobile wallet before developing a blockchain-based online platform with more than 10 million users that allows them buy and sell cryptocurrencies like Bitcoin and Ethereum as well as tokens.
Crypto payment processing platform developer Ripple, the owner of the XRP cryptocurrency, made an investment of over $750,000 in BRD through corporate venturing arm Xpring in October 2019 through a deal adding XRP to its platform.
Financial services firm SBI’s cryptocurrency investment arm, SBI Crypto Investment, had provided $15m in series B funding for the company in January 2019. A year earlier, it had raised $32m from investors including East Ventures, bringing its total funding to $40m.
Crowdsourced information provider OKWave and Saison Ventures, a subsidiary of payment services firm Credit Saison, had participated in a $7m round for BRD in 2017 that included Globe Advisors, East Ventures, Das Capital, Liberty City Ventures and Maffin.
In an announcement on Twitter, Coinbase said: “The [BRD] team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralised world of crypto.
“We are excited to be doubling down on our investment in self-custody and web3 in pursuit of increasing economic freedom in the world.”
