- Zurich-based mobile cryptocurrency wallet BRD announced on October 6 that their userbase had reached 6 million
- BRD took over four years to reach its first million users, but the growth journey has accelerated substantially since then
Zurich-based mobile cryptocurrency wallet BRD announced on October 6 that their userbase had reached 6 million. The company which was founded in 2015 hosts a majority of their users from India and Latin America. BRD wallet provides its services in more than 170 countries around the globe. The wallet offers services for Bitcoin (BTC, XBT, Bitcoin Cash (BCH), Ethereum (ETH), and ERC20 tokens for selling and buying of these cryptocurrencies.
BRD, a non-custodial waller service, holds the crypto assets of the users on their phones. This makes it easily accessible for users who reside in countries with lengthy registration processes to use custodial services. Users can even opt Apple Pay cards issued by banks for the purchase of the cryptocurrencies.
Reasons for Growth and Journey
BRD took over four years to reach its first million users, but the growth journey has accelerated substantially since then. In July, the company had 550,000 users, and today the company announced the 6 million mark. In a statement, Adam Traidman, Co-founder and Chief Executive Officer, said the userbase of the BRD wallet roughly attributes to the two categories.
The first consists of millennials fascinated by the cryptocurrencies and prefer investing in digital assets rather than the conventional investing options. Simultaneously, the second category consists of pandemic affected people who are turning towards bitcoins and other crypto assets for sustaining themselves financially.
SBI Crypto Investment and East ventures are BRD’s two most prominent funding investors who collectively have funded $55 million. In January 2019, announced they received $15 million of funding in series B. BRD may be a renowned service provider for BTC and ETH, but countries with fiat fluctuations narrate a different story. In countries like Venezuela, India, and Argentina, where the local fiat is weaker than the US dollar, a rise in the stablecoin usage can be witnessed.
Crypto Custody Platform by BRD
Last month BRD announced a partnership with the Chainanlysis, Elliptic, and CipherTrace. Through these partnerships, BRD aims to secure Blockset’s management features and provide regulatory compliance and monitoring tools.
Blockset is a new initiative by BRD, which gives business-to-business blockchain technology stack for the companies. Blockset will provide financial institutes with a real-time platform that integrates crypto custody data.
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