CryptocurrencyNewsPrice Analysis

Coinbase Adopts Breadwallet, BRD Surges by 700%

  • Coinbase acquired a cryptocurrency wallet firm Breadwallet recently.
  • The NASDAQ-listed company targets decentralization access to more customers across the globe.
  • Breadwallet’s native coin BRD surged more than 700% after the announcement.

Recently, the leading crypto exchange Coinbase acquired Breadwallet (BRD), an open-source crypto wallet. With that, BRD joins the NASDAQ-company, and wallet users will have the option to switch to Coinbase next year, 2022.

An Acquisition to Quicken Web3 Adoption

Breadwallet declared its Coinbase acquisition in a recent blog post, saying that the deal will allow decentralization access across the globe. In the upcoming future, BRD wallet clients will have the option to drift to Coinbase Wallet, accessing a special gift.

Developers launched the crypto wallet as an app in 2014 to offer cryptocurrency custody and ensure access to global users. Breadwallet provides additional features for BRD holders within the wallets.

Keep in mind that Breadwallet serves more than 10 million clients. Adam Traidman, the BRD CEO, confirmed that there is nothing to change the Breadwallet application. The CEO added that money would be secure and safe.

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The cryptocurrency wallet team stated that the firm’s team members would move to Coinbase, proceeding in developments for the crypto wallets. Coinbase Wallet’s tweet shows that the BRD developers will hasten web3 adoption. The Coinbase acquisition move had BRD token surging by more than 700%, attaining a swing peak near $1.69.

BRD Price Aims $2.20 Next

24 November sessions had BRD rallying by 725%, triggered by bullish sentiments after the acquisition declaration. Though the news served as a token’s catalyst, the weekly price chart indicated an upcoming optimistic target.

According to the weekly price chart, BRD price created an inverse head-shoulders formation, confirming a 91% bullish surge from the neckline. The crypto already surpassed the optimistic target and now aims the 127.2% FIB retracement at $2.20.

On the other side, if the crypto sees increased sell orders, BRD will have its first defense line at 61.8% FIB retracement zone at $1.09, then 50% retracement area at $0.89.

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Keep in mind that tokens usually rally following a deal with a crypto exchange. Will BRD maintain its surges? You can leave your reply below.

By Piotr Swat – shutterstock.com

James Carr (Australia)

James is a new research writer for Tokenhell. His articles include broker and exchange reviews, guides and news from all over the crypto-verse. Stay tuned for his recent articles.

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