Coinbase Buys Crypto Wallet Startup BRD

Coinbase has been making a lot of headlines recently, and now the exchange is in the spotlight again due to the latest reports.

Not too long ago, Coinbase Pro announced plans that the exchange is about to launch a stablecoin that is pegged to the Japanese yen. This will be the first of its kind.

GYEN (GYEN) bills itself as the “first regulated digital [Japanese yen].” The project says it is 100% fiat-backed.

It’s been just revealed that the crypto exchange Coinbase has acquired the crypto wallet startup BRD, according to a notice from its leadership team.

In a letter address to BRD’s customers published on Wednesday, co-founders Adam Traidman and Aaron Voisine stated the following:

“Today, we would like to share the news that members of our team will be continuing our mission at Coinbase, where we will work together to bring the power of decentralization to even more users around the globe.”

Traidman and Voisine went on to say that “[a]t this time, nothing will change in the BRD wallet app and as always, your funds are safe and secure.”

They also noted the following:

“You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift. Stay tuned for more details to come in 2022.”

It’s also worth noting the fact that Coinbase dropped the following tweet:

GM!

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.

— Coinbase Wallet (@CoinbaseWallet) November 24, 2021

The exchange also highlighted their excitement of doubling down on their investment in self-custody and web3 in pursuit of increasing economic freedom in the world.