US-based cryptocurrency exchange Coinbase has acquired crypto wallet startup BRD for an undisclosed amount.

Launched in 2014, BRD specialises in decentralization, security, and customer-controlled funds. It is said to have over 8 million customers in more than 170 countries.

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The deal is expected to help Coinbase drive its adoption of web3 and accelerate its crypto safety and security requirements.

As part of the transaction, BRD team will join Coinbase and contribute to Coinbase Wallet.

The users of BRD wallet, which will continue to operate normally for the time being, will be given the option to migrate to Coinbase Wallet next year.

BRD co-founders Adam Traidman and Aaron Voisine said in a note to the customers: “At this time, nothing will change in the BRD wallet app and as always, your funds are safe and secure. You may continue to transact normally. In the future, BRD wallet users will have an optional migration path to self custody with Coinbase Wallet, which will include a special gift.”

Last year, Coinbase agreed to buy crypto prime brokerage platform Tagomi to expand its offerings for advanced traders and institutional investors.

In 2019, the firm, through Coinbase Custody, snapped up the institutional business of crypto wallet provider Xapo.

Earlier this year, a report by Reuters said that Deutsche Boerse was planning to delist Coinbase Global COIN.O from its Xetra trading platform and the Frankfurt stock exchange.

The German stock exchange operator cited missing reference data for the shares of Coinbase as the reason for removal.