It was recently revealed that Ripple’s Xpring had made a $750,000 investment in the BRD mobile wallet. This investment aims to boost the use of XRP by making it available to BRD’s 2.5 million users.
With the investment, BRD will be able to build on the XRP Ledger and integrate the XRP coin into its mobile apps on iOS and Android. Once the process is completed, users of BRD will be able to trade, send, or hold XRP anywhere in the world.
BRD, which is based in Switzerland claims to have more than 2.5 million people from 170 nations using its wallet. A majority of the wallet users come from UK, Germany, Australia, Canada, the US, and Japan. BRD currently supports BCH, BTC, ETH, and various ERC-20 standard tokens. Visionary Financial recently reported that the BRD development was potentially showing a strong push into the retail markets for XRP. Historically speaking, XRP has been geared towards the enterprise sector ( large banks and financial institutions ), but it seems as if XRP could be slowly moving into the retail space as well.
Why BRD Decided to Partner with Ripple
The BRD team said they aim to make the platform the easiest and most affordable place to purchase XRP. Besides that, they were impressed by the support they had received from the Ripple community once the news of the partnership broke out.
The BRD team also said they were attracted to the Xpring ecosystem, which had managed to attract developers who wish to integrate XRP into the applications using an SDK released by Xpring. Additionally, they note that the Ripple team had been supportive and they were working hard to make their partnership as productive as possible.
A major reason they agreed to collaborate with Ripple is that the XRP coin already had many real-world use cases, centered on cross-border banking, payments, and international remittances. Since BRD is pushing for the adoption of digital currencies, they felt that their goals and those of Ripple were aligned.
Investment in BRD Thus Far
BRD has managed to attract quite a lot of investment. For instance, in the first half of 2019, the company managed to raise $15 million. SBI Holdings, a major financial services firm based in Japan, led the Series B funding round. In its initial funding round, the company had managed to raise $1 million. During its ICO, the company managed to raise $32 million by selling BRD tokens. The BRD token holders get special benefits such as trading discounts.
What Users Chose the BRD Wallet?
In the crowded crypto wallet market, a crypto wallet needs to tick the right boxes to be successful. The BRD wallet has managed to tick all of these boxes. First, the wallet is non-custodial, which means users have full control of their funds. Besides that, a trusted team, whose details are easy to access on the BRD website, leads the wallet. There is also the fact that the wallet has a very simple UI. Another reason why the wallet has succeeded is that it is an open-source wallet.
It is also worth noting that the BRD Wallet is essentially a free hardware wallet. You can load it onto your old mobile phone without an internet connection, which makes it as safe as a hardware wallet.
Image Source: ShutterStock