Ripple-backed crypto wallet BRD ventures into enterprise blockchain market, aiming to serve banks and others

Quick Take

  • Crypto wallet provider BRD has ventured into the enterprise blockchain market
  • Spencer Chen, chief marketing officer of BRD, told The Block that the firm aims to serve the likes of JPMorgan

BRD, a cryptocurrency wallet provider that is backed by Ripple and Japanese financial services giant SBI Holdings, has ventured into the enterprise blockchain market.

The new venture, dubbed “Blockset,” aims to serve banks, financial services institutions and consultancy firms, among others, BRD announced Friday. Blockset provides “ready-to-use” tools, which help firms to build blockchain applications quickly and at a lower cost, per the announcement.

“Ten of the top 15 companies that are hiring the most for blockchain projects are not crypto companies; they include companies such as Cisco, Verizon, JPMorgan Chase, et al. That's the segment Blockset wants to own,” Spencer Chen, chief marketing officer of BRD, told The Block.

BRD’s investor, SBI Holdings, is one of Blockset’s first customers, said Chen, adding that the idea of setting up Blockset came from SBI itself.

“SBI initiated the discussions for us to commercialize our infrastructure IP into Blockset. They had a critical need for Blockset for some of their initiatives. That's when we made the decision to expand into the enterprise blockchain market,” Chen told The Block.

It took 11 months for BRD to set up Blockset and go live, having started the initiative in early 2018, said Chen. Blockset currently supports bitcoin, bitcoin cash, Ripple, Hedera and ethereum networks at launch, with more to be added during the year.

Crowded market

The enterprise blockchain marketplace is already crowded with a number of IT giants (IBM, Accenture), consultancy firms (KPMG, Deloitte), and other blockchain firms offering such solutions. But that is not deterring Blockset. In fact, Chen said, Blockset is planning to work with some of these firms, such as KPMG, to help them reduce costs.

“Many of the initial implementations of Blockset revolved around cost-savings and reducing the engineering resources needed to maintain their homegrown environment,” Chen told The Block.

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