(BlockBar) A mobile wallet company BRD announced that by using bank transfers, the US customers will be able to purchase bitcoin, ethereum, and Dai. It is supported by a partnership with over 1,700 US banks and Wyre which is a blockchain payments provider. Spencer Chen, company representative, expects this partnership and product launch to close the divide between wallets and exchanges. It is also expected that it will allow the company to become a player in the market for cryptocurrency entry.
The announcement comes amid a period of growth for the wallet provider. It has also completed a $15 million round of series B funding in 2018. In 2017, among the top 40 launches at the time, it received $32 million in an ICO. The upstart also saw early backing by a well-regarded Japanese venture capital fund SBI Holdings. The company still has negative cash flow, despite its impressive funding line.
According to Chen, profitability has not been a concern. He said, “Our investment roadmap is to first bring more banking services to the crypoto world, more mobile capabilities… and expand geographically.” He also said their products are easier to scale internationally, being a decentralized company. But it is expected that the partnership with Wyre will expand the company’s footprint in the U.S.
To be noted, Wyre is able to dedicate its attention to powering the ecosystem’s infrastructure and making consumer apps work. Wyre was Founded in 2013 and has managed $3.5 billion in cryptocurrency assets. It has also completed over $1 billion in commercial FX payments. BRD itself oversees over $6 billion in crypto assets for two million customers. The company is still looking for growth opportunities.
Users will be able to avoid traditionally high prices to convert their assets, with the new bank transfer feature existing BRD. According to the Chief Strategy Officer and Co-founder of BRD, Aaron Lasher, “We’ve consistently heard from US customers about the frustrations regarding the lack of innovation and simplification from current market leaders, namely Coinbase. BRD has remained unwavering in its mission to bring the core value of the blockchain to the masses: Decentralized and Inclusive.”
John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.