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In the midst of the Covid-19 crisis, BRD registers record 6 million users

Photo of: Joseph Stone
by Joseph Stone

The crypto BRD wallet just announced that it has reached more than 6 million users worldwide. We look back on this announcement, which demonstrates the good health of portfolios in times of crisis.

The company BRD was founded in 2015 in Zurich and provides crypto wallets. The start-up has notably raised around 55 million dollars of funds from the Japanese holding company SBI and its subsidiary SBI Crypto. SBI Crypto was recently in the news for having acquired the TaoTao application from Binance. BRD is also financially supported by the company Ripple via Xpring to the tune of $750,000. In January 2020, BRD launched its Blockchain Blockcset solution. At that time, BRD had only three million users…

On October 6, the company announced that it had more than 6 million users worldwide. In terms of dynamics, the company has also advanced a pace of one million new users every two months! These figures testify to a significant success. When we know that the first million users has only been reached after 4 years, we can now speak of a real success story! The short-term prospects are also interesting. The company expects more than 10 million users by the beginning of 2021.

According to BRD’s co-founder Adam Traidman, recent developments with COVID-19 have contributed to this success. He believes that many people who were housebound have had more time to reconsider their investments.

Adam Traidman also explains that users of BRD’s services fall into two categories. The first is millennials, people with a certain level of resources. The latter use BRD services for investment purposes. The other category includes people who have been economically affected by the COVID epidemic. In response, they turn to Bitcoin and other cryptos. They seek a safe haven from the fluctuations and devaluations of their local currency. Others use BRD services to send money to their families abroad, bypassing the traditional banking framework (and its fees). Logically, this second category is the one that has particularly surged in recent months.

More generally, the figures for opening portfolios all show the same trend, namely an exponential increase. Apptopia collects figures every month from the largest cryptocurrency applications such as Coinbase, Binance, BRd, etc. However, recent figures show that the number of open wallets has increased by about 81.4% in 2020 compared to last year. The month of July 2020 has moreover shown the best performance so far, with 3.5 million openings. In 2019, even at the best of times, the two million open portfolios mark was not exceeded!