Following the announcement that Coinbase had acquired it, a utility token for an old-school Bitcoin wallet has gone parabolic.

Coinbase recently announced the acquisition of Breadwallet, an open-source bitcoin software wallet. The price of the BRD token has increased by 400% as a result of the announcement.

Breadwallet is now a Coinbase partner

In a blog post earlier today, Breadwallet announced its acquisition by Coinbase. In addition, the team announced that it would collaborate with the exchange to offer decentralization to a wider range of users worldwide.

The statement runs as follows:

At 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, including a special gift. Stay tuned for more details to come in 2022.

Breadwallet began as an app in 2014 to make crypto custody more accessible to the general public. According to a 2016 statement, the team was particularly interested in Bitcoin’s financial freedom and inflation hedging possibilities. Bloomberg recently stated that Bitcoin is currently one of the strongest inflation hedging investments available.

Over 10 million people use their wallets around the world. Users that hold BRD tokens in their wallets are given additional functionalities as part of the wallet’s functionality. Breadwallet’s native utility token, BRD, is designed to reward users who interact with the software.

The token’s worth outside of the app is entirely determined by market forces, which are now working in its favor. While it was previously selling for $0.16, it jumped to $0.50 at 3:18 EST and $0.80 at 4:04. Since announcing its Coinbase membership, the price has increased fivefold.

Conquest by Coinbase

Coinbase has quickly entered practically every facet of the cryptocurrency market with a slew of new products and collaborations. The exchange has also teamed with META (previously Facebook) to create its cryptocurrency wallet “NOVI” and purchase Breadwallet. In addition, the exchange has even been named the NBA’s official cryptocurrency partner.

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