BRD, a popular mobile cryptocurrency wallet available on both Android and iOS devices, has reportedly raised $15 million in Series B funding.
The majority of the funding comes from a subsidiary company of Japan’s SBI Holdings called SBI Crypto Investment.
The funding will primarily be used to further the development of the already-solid product, expand the company’s engineering staff, and make further inroads into the Japanese and Asian markets.
Adam Traidman, BRD co-founder and CEO, stated:
SBI Group’s investment in BRD allows us to firmly cement ourselves in the Asian market. It shows incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past 4 years. The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.
The latest fundraising announcement brings BRD’s fundraising total up to $55 million and comes hot on the heels of a partnership with Coinify to afford users with European bank accounts the ability to use them for cryptocurrency purchases.
The Real Deal
BRD’s successful fundraising is positive news for the company, especially given the prolonged bear market the entire cryptocurrency space finds itself in. That said, the news may not be terribly surprising, given the fact that BRD actually has a functional, secure, and user-friendly product — which is more than can be said for the majority of cryptocurrency projects still alive in the space today.
According to TechCrunch, BRD’s install base grew twice over in 2018 and now sits just shy of 2 million global users. $6 billion in cryptocurrencies and cryptoassets is currently stored in BRD wallets.
Despite the good news, the price of the project’s in-house BRD token continues to flounder.
BRD is currently trading at $0.21 after an all-time high of approximately $3.22 — which was achieved almost immediately after hitting the market at the tail-end of the altcoin bull run.
Questions still remain about the actual use of the BRD token, which seemingly has no viable use — unlike the wallet, which is highly usable.
What do you think about BRD — both the wallet and the token? Let us know in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.com.