Cryptocurrency Wallet App BRD Crosses 6 Million In Users Worldwide

The mobile cryptocurrency wallet application BRD announced on Tuesday that it has crossed six million users across the globe. With the current momentum, the company expects to reach 10 Million users worldwide. The Zurich-based company says that the growth in the users is due to its strong market hold in India and Latin America.

BRD founded in 2015 took four years to reach 1 Million users on its platform. In July 2020, it reached 550,000 monthly active users. Chief executive and Co-founder Adam Traidman say that the increased interest in cryptocurrency among the first-time users is owing to the coronavirus crisis. He said in a statement that there are two groups of users. The first one who invest in apps like Robinhood instead of just relying on traditional brokerages. The second group of users who have been affected by the financial downfall during the pandemic and are investing in cryptocurrencies to sideline the economic fluctuations.

“It’s causing a lot of people who are staying at home and sheltering in place to reconsider a lot of fundamental questions about their life and family right now,” he told TechCrunch. “It’s causing a lot of thinking about money and finances. People have had a lot more time over the last six months to look at their investments and as a result of that, we found that for cryptocurrency in general, but especially for BRD’s business, we’ve been growing dramatically.”

Over the years, the company raised around USD 55 Million in funding from SBI Crypto Investment and East Ventures. On the BRD app, Bitcoin and Ethereum are the most popular purchases in countries such as Argentina, Venezuela, and India. Moreover, the platform is also witnessing strong traction from the Eastern European countries. BRD is a user-friendly cryptocurrency wallet as it can be availed on the mobile phone and does not have to go through a lethargic login process to access the wallets. This app allows the usage of Apple Pay or their bank cards for the payment. Along with the option of buying cryptocurrency, it also offers a blockchain infrastructure platform called Blockset which is currently being used to store USD 6 Billion worth in cryptocurrencies.

Last month, Blockset announced the partnership with CipherTrace, Elliptic, Unbound Tech, and Chainalysis, to broaden the scope of blockchain development and implementation. Its new partners will enable the Blockset to offer new financial services applications and the ability to add security solutions for fraud detection. In addition to this, it provides crypto intelligence and AML for banks, OTC desks, and other financial businesses. Traidman mentioned that the prominent investment bank SBI Holdings is currently using its platform while online payment company Paypal was part of the Blockset’s pre-release program.

“Blockset’s success so far has come from our unmatched ability to simplify highly-technical problems in a reliable, scalable way for the enterprise,” said Adam Traidman, CEO and Co-Founder of BRD. “These new partnerships with CipherTrace, Unbound Tech, Elliptic, and Chainalysis represent our commitment to expanding that ability into a comprehensive set of end-to-end solutions to support a wide range of enterprise blockchain initiatives, all while upholding the highest standards of data integrity and security.”