Mobile wallet company BRD has announced that its customers in the U.S. can now buy BTC, ETH, and DAI using bank transfers.
The new service is thanks to a partnership between BRD, blockchain-powered payment service provider Wyre, and over 1,700 banks in the U.S.
BRD representative Spencer Chen said that they expect the partnership and upgraded service to close the gap between wallets and crypto exchanges even further.
“We’re more competitive with Coinbase than ever,” he said, adding that BRD’s new rollout will allow it to become a major player in the crypto entry market.
Successful 2019 so far
BRD has had a good 2019 so far. Since the start of the year, the company saw the number of transactions on its platform double. It has also rolled out a service expansion to cover 170 countries around the world.
The company, however, reportedly still has a negative cash flow. This despite securing $32 million during a 2017 ICO and $15 million in series B funding a year later.
“Profitability has not been a concern,” explained Chen. “Our investment roadmap is to first bring more banking services to the crypto world, more mobile capabilities… and expand geographically.”
“Decentralized and inclusive”
Chen said that they plan to leverage the partnership with Wyre to expand BRD’s foothold in the U.S., which is already the wallet provider’s biggest market.
“Wyre has a vision of being Stripe for crypto,” Chen said. The two companies forged their partnership six months ago, with BRD citing the younger company’s tenacity as a major reason for their decision.
The new bank transfer feature will let existing BRD users bypass traditionally high prices associated with converting their crypto assets. Those new to crypto, meanwhile, will get an affordable new option to consider.
“We’ve consistently heard from US customers about the frustrations regarding the lack of innovation and simplification from current market leaders, namely Coinbase,” said Aaron Lasher, Chief Strategy Officer and co-founder of BRD.
“While more well-funded players have become more custodial and centralized, BRD has remained unwavering in its mission to bring the core value of the blockchain to the masses: Decentralized and Inclusive.”