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 said: "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."
"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," they continued.
In a Twitter message, the Coinbase Wallet team wrote that "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."
Unclear at this time is what will become of the startup's utility token, which trades under the $BRD ticker, that is used as part of its customer loyalty program. The token has a market cap of about $14 million and is traded on crypto exchange Binance.