Bread (BRD) Bitcoin Wallet Partners with Wyre to Build Bank Transfer Wallet
BRD, a global crypto wallet mobile company, has announced a blockchain collaboration with Wyre. Wyre is a blockchain infrastructure and payment firm. For this reason, United States customers are legible to use bank transfers in buying of Bitcoin, Ethereum, and Dai.
Customers need to link their BRD wallets to their bank accounts. As a result, they will do transactions at a reduced cost. The news was available on June 3 in a press release shared on Cointelegraph.
There is a division between wallet and exchanges. According to Spencer Chen, the company representative, the firm is looking forward to bridging this gap through this partnership and product launch. Still, he believes the collaboration will enable the company to become a significant player in the cryptocurrency field. Speaking to Coinbase, he said:
“We are competitive with Coinbase than ever.”
On the other hand, BRD’s chief strategy officer and co-founder, Aaron Lasher, he said the brand new system is looking forward to safeguarding the blockchain zone remains decentralized and comprehensive. He also noted that the current prime crypto wallet providers are becoming centralized and parental.
More than 1,700 U.S banks are supporting the new service. Still, they allow purchases to be completed in five minutes or less.
The announcements come after the wallet provider has enjoyed a positive growth period. In 2018, it completed a $15 million round of series B funding. But 2019 has been the most successful year. The wallet provider experienced double transactions on its platform. The number of users tripled with some free users upgrading to premium. It also went aboard to 170 countries. BRD was initiated in 2015 and has more than 2 million users for now.
Despite all these, including the majestic funding, BRD has a negative cash flow. Even though an SBI holding, a Japanese Venture capital fund is backing BRD. The move came after BRD received $32 million in an ICO. Besides, the firm was among the top 40 launches during the time. As of now, the company reports to having approximately $6 billion of crypto assets under protection.
Chen explained that profit isn’t their concern. Their investment scheme is to have more banking services to join the crypto world. They are also looking forward to increasing the mobile potential and expand beyond borders.
BRD products are easy to scale internationally because the company is decentralized. The firm has a booming market in the U.S. So the partnership will Wyre will expand its footprint.
Wyre, on its part, is aiming to become crypto’s denote. It’s not focusing on competition. Its attention is to steer the crypto infrastructure. It also wants to ensure the consumer apps are up and running. Wyre was commissioned in 2013 and has completed more than $1 billion in commercial FX payments. It has stored $3.5 million of crypto assets.
The API of Wyre assists in fiat-crypto exchange. It also facilitates than eight fiat currency and three cryptocurrencies. Chen finished by saying the firm is young in the industry. And or there are a lot of young players on the pitch.