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Coinbase Announces Acquisition of Crypto Wallet Firm BRD

Stock MarketsNov 24, 2021 04:24PM ET
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© Reuters

By Sam Boughedda

Investing.com — U.S. cryptocurrency exchange Coinbase Global Inc (NASDAQ:COIN) announced late Wednesday that it has acquired crypto wallet company BRD.

Coinbase shares closed down 1.5% on Wednesday.

There were no financial details provided, but a tweet from Coinbase Wallet said BRD will be joining the company to help it accelerate web3 adoption.

"We have great news - the BRD team will be joining @CoinbaseWallet to help accelerate web3 adoption. The team brings deep expertise in self-custody for crypto wallets, which will help Wallet enable more people to safely and securely access the decentralized world of crypto," the tweet read.

According to its website, BRD, which is focused on decentralization, security, and customer-controlled funds, was launched in 2014 and currently has over 8 million customers in more than 170 countries.

In a blog post announcing the news, BRD told customers that "in the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift."

Coinbase Announces Acquisition of Crypto Wallet Firm BRD
 

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