breadwallet

About breadwallet

BRD, formerly known as Breadwallet, operated as a key entity in the cryptocurrency sector, providing both consumer-facing and enterprise-level blockchain solutions. Founded in 2014 by co-founders Aaron Voisine and Adam Traidman, the company was established with the goal of simplifying cryptocurrency for the average user. Voisine, with a background in computer science from Purdue University and experience as an iOS developer at Yammer, brought deep technical expertise, particularly in mobile security. Traidman, a serial entrepreneur with a history in the hardware, software, and internet industries, including a role at NASA's Jet Propulsion Laboratory, provided extensive business leadership.

The company's flagship product was the BRD wallet, a non-custodial mobile cryptocurrency wallet designed for simplicity and user control. It allowed users to hold, send, receive, buy, and trade various digital assets, including Bitcoin, Ethereum, and ERC20 tokens, directly from their mobile devices without the company having access to their private keys. This direct-to-blockchain architecture was a core feature, intended to enhance security by eliminating centralized server risks. The wallet was available in over 170 countries and grew to serve millions of users. The business model for the consumer wallet included generating revenue from fees on cryptocurrency purchases and trades conducted within the app. A native utility token, BRD, offered users discounts on these transaction fees.

Recognizing the growing demand for blockchain infrastructure from institutional clients, BRD leveraged its internal technology to launch Blockset in 2020. This B2B Software-as-a-Service (SaaS) platform provided enterprises with a suite of tools and a unified API to build their own blockchain-based applications. Blockset was designed to reduce the complexity and cost for businesses, such as financial institutions and crypto companies, to integrate blockchain technology, offering services like managed node infrastructure and access to harmonized on-chain data. This strategic expansion targeted a client base of banks and financial services firms looking to develop products like custody solutions and auditing platforms.

After raising a total of approximately $55-56 million in venture funding from investors including SBI Group and Xpring, BRD's journey as an independent company concluded in November 2021 when it was acquired by Coinbase for an undisclosed sum. Following the acquisition, the BRD team joined Coinbase to work on the Coinbase Wallet, with plans to offer BRD users a migration path to the new platform. The BRD app was officially shut down in 2023, marking the end of its operations as a standalone entity.