Breadwallet BRD Token Skyrockets 500% After Being Acquired by Coinbase

Breadwallet, an open-source digital wallet, has seen its native token BRD surge by 400 percent following its listing on Coinbase.

Following its November 24 announcement that crypto exchange Coinbase had acquired the BRD token, the Breadwallet team revealed it would be working with the firm to provide a more decentralised service and accelerate Web3 adoption:

Shortly after, the BRD saw a massive price boost of 500 percent. Data from Messari shows the token has returned more than 370 percent in a three-month period:

As per the wallet, the team said the listing won’t affect the BRD wallet app.

Nothing will change in the BRD wallet app and, as always, your funds are safe and secure. In the future, BRD wallet users will have an optional migration path to self-custody with Coinbase Wallet.

Breadwallet team statement

A Coinbase Listing Has a Massive Effect on a Token’s Price

Being acquired by Coinbase can be one of the best things that can happen to crypto and blockchain developers, as the firm is a well-known institution in the crypto industry. The BRD token is one of the many coins that have surged tremendously after getting listed on the exchange. An example is the Voyager token (VGX), an ERC-20 that soared 44 percent overnight after being listed on Coinbase Pro.

Another clear example is CRO, Crypto.com’s utility token. Earlier this month, Crypto News Australia reported that the CRO token had rallied 30 percent after being listed on the exchange.