Switzerland-based mobile cryptocurrency wallet developer BRD has received $15m in series B funding from SBI Crypto Investment, a subsidiary of financial services firm SBI Holdings, according to TechCrunch.
Founded in 2015, BRD has developed a blockchain-based wallet that allows users to purchase Bitcoin, Ethereum and other digital currencies through credit cards, at a Bitcoin ATM or a convenience store, which can then be converted into Bitcoin cash or other tokens.
BRD has approximately 1.8 million users globally who are storing the equivalent of $6bn in digital currencies. In addition to growing its product and engineering teams, the series B capital will be used to fuel its expansion across Asia, with a focus on Japan.
BRD co-founder and CEO Adam Traidman told TechCrunch: “SBI Group’s investment in BRD allows us to firmly cement ourselves in the Asian market. It shows incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past four years.
“The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.”
Crowdsourced information provider OKWave and Saison Ventures, the strategic investment unit of payment services firm Credit Saison, both contributed to a $7m funding round for the company in August 2017.
Globe Advisors, a subsidiary of non-profit organisation Globe Group, also took part in the 2017 round, as did Liberty City Ventures, DAS Capital and Maffin, together with undisclosed family offices, venture capital funds and private investors.
The round also included VC firm East Ventures, which went on to participate in the equity portion of a $32m equity funding round and token sale BRD closed in May 2018, increasing its overall funding to $40m in the process.