Coinbase acquired BRD crypto wallet company and the price went wild

Summary

• Coinbase ($COIN), the largest U.S. cryptocurrency exchange, announced that it acquired BRD crypto wallet without disclosing any further information.

• Following the announcement of the deal the price of the BRD coin flew up from $0.16 to $1.57 in just one day. That is, a 1000% increase in 24 hours.

•  Co-founders Adam Traidman and Aaron Voisine said that BRD wallet customers will be able to continue to transact normally, though users will eventually “have an optional migration path to self custody with Coinbase Wallet, which will include a special gift.”

What happened

Coinbase, the largest U.S. cryptocurrency exchange, announced that it acquired BRD crypto wallet without disclosing any further information.

“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 told CoinDesk on Wednesday. “We’ll be sharing more information in the coming months about how BRD and Wallet teams will unite.”

Following the announcement of the deal the price of the BRD coin flew up from $0.16 to $1.57 in just one day. That is, a 1000% increase in 24 hours. Got to love the crypto market. However, at the time of writing the coin has now corrected to about $0.8 which is still about 500% from its previous price.

About Coinbase 

Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first, and lacks an official physical headquarters. It was founded in 2012 and today it has over 73 million verified users with $255 billion worth of assets on its platform. Moreover, its quarterly traded volume is more than $300 billion.

About BRD

BRD launched in 2014 with a focus on decentralization, security and customer-controlled funds. It has over 8 million users and more than $20 billion in assets under protection.  Co-founders Adam Traidman and Aaron Voisine said that BRD wallet customers will be able to continue to transact normally, though users will eventually “have an optional migration path to self custody with Coinbase Wallet, which will include a special gift.”

In a Twitter post announcing the acquisition, Coinbase Wallet noted that “we’re excited to be doubling down on our investment in self-custody and Web 3 in pursuit of increasing economic freedom in the world.”

Bottom Line

The news was exciting for all investors and the two companies and this was reflected in the price increase of BRD coin. Coinbase is doing big moves lately however its stock price is down today in the pre market hours.

It is now traded at $301 per share, which is $56 away from its previous high.