With the support of the top US crypto exchange Coinbase, an under-the-radar altcoin project is melting portfolios.
Coinbase has announced it will work with the developers of the cryptocurrency wallet platform Bread (BRD). Users will be able to custody their holdings on Coinbase Wallet soon.
“We have great news – the BRD team will be joining Coinbase Wallet 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.”
Bread CEO and co-founder Adam Traidman says,
“Since BRD wallet originally launched as the open-source ‘breadwallet’ app in 2014, we have been dedicated to expanding mainstream adoption of cryptocurrency with a focus on decentralization, security and customer-controlled funds.
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.”
BRD had been trading fairly flat within the $0.17 to $0.25 range for the past several months, before exploding over 650% after word of the Coinbase takeover spread.
The altcoin rocketed from $0.16 all the way to $1.51 on Wednesday. At time of writing, BRD has retraced to $.89.
Coinbase says the BRD team will help grow Web 3.0, a developing vision of the internet where decentralization and blockchain technologies, as opposed to corporations with walled gardens, become key elements.
Bread says it has over 10 million customers worldwide, with more than $20 billion in assets under protection.
The acquisition price has not yet been disclosed.