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Partner Spotlight: BRD wallet Founder Q&A with Adam Traidman

BRD wallet CEO and Co-Founder Adam Traidman shares how BRD is paving the way for wallet providers to scale with the growing demand for crypto while keeping a simplified user experience

14 Apr 2021by Corey Barchat

Partner Spotlight: BRD wallet Founder Q&A with Adam Traidman

The BRD wallet provides consumers with a simple and secure way to buy and protect bitcoin and other cryptocurrencies. Launched in 2014 and being among the first wallets to offer an on-ramp for crypto, BRD is now one of the fastest-growing blockchain-enabled finance apps for everyday consumers, as a Top 10 Finance app in 71 countries.

To find out how the BRD wallet has evolved over the years and their plans for 2021, we talked to CEO and Co-Founder Adam Traidman.

You have some impressive statistics around global users (over 7 million) - where did the BRD wallet come from, and how long has it been around?

The BRD wallet (formerly the Bread wallet) was the first bitcoin wallet ever approved to be in Apple's App Store. This was back in the early days of mobile wallets in 2014, and still a few years before the first mainstream crypto 'breakthrough' in 2017. The inspiration to build the BRD wallet was simple: In crypto, you have nothing until you have an unhackable environment where one can self-custody all their digital assets. The ability to act as your own bank is a both a burdensome and incredibly powerful concept in personal finances. It's been our uncompromising adherence to this founding principle that has enabled BRD to grown immensely throughout the world as new participants into crypto quickly realize the importance of self-custody and privacy. And on those two critical aspects of crypto, all roads lead back to BRD.

For new users, why should they choose the BRD wallet over existing competitors?

On a company level, it has to start with our brand's trust and the deep roots that we possess in the space. One of our co-founders, Aaron Voisine, was an early contributor to the Bitcoin network's protocols and is deeply involved in its development. This matters because users wants to put their faith and digital assets in the hands of experts; one can always be assured that BRD's roadmap is the most future-proof in the industry.
On a product level, it's simply the most secure mobile wallet in the crypto industry. BRD has over $20B USD worth of digital assets under protection, and there's never been a single incident of a successful hack on our platform. And there will never be one, given the way the BRD wallet is architected. BRD is often mentioned as the first crypto wallet that people used, and that's because of our simplicity in design and usability. In addition to the industry-leading security, BRD provides the convenience of buying, selling, and trading of over 85 cryptocurrencies.

What challenges do you foresee in the wallet space?

The challenges for the wallet category will remain around monetization. How does a wallet service provide an essential service, namely security and custody, while finding a business model that enables them to keep that part of the service free for consumers? This is the year where many will need to start charging a recurring or one-time fee for those capabilities.

You were quite possibly one of the first wallets to offer an on-ramp for crypto; how was this feature received when you launched it? How has this dynamic changed?

Yes, BRD was one of the first to offer on-ramp in a mobile crypto wallet; most of the on-ramps were all on web-based exchanges back then. When we initially launched the ability to buy within the BRD mobile wallet, the adoption was immediate, and the growth steady. The growth is concentrated around new participants into crypto, and that's the most exciting sustained trend for our industry. Half of our new users in 2017 were entirely new to cryptocurrency.
The dynamic has changed in the type of investments that consumers want to make in crypto. Instead of the more volatile top 20 coins or altcoins, we see a significant shift into earnings products, such as interest, staking and lending products driven by the DeFi movement. This makes more sense for the mainstream investor as they are more comfortable with less risky investments with a more predictable return. They're not comparing one coin to another, but are more looking at DeFi as investments that yield so much more than the traditional offering from their existing financial institutions. Crypto, as a pure investment, is gaining tons of growth from mainstream retail investors.

Why did the BRD wallet choose MoonPay as its payments solution, and how is our partnership helping your business grow?

MoonPay is aligned to BRD's approach and roadmap strategy, which is to create a stellar user experience for customers of all experience levels. The net result of that is terrific conversion rates and more delighted customers. This helps the BRD business immensely as we can generate significant on-ramp volume to the revenue-generating part of our business. Increased revenue while driving even higher levels of customer satisfaction is the foundation of the BRD consumer business. The crypto industry is finally entering the true early adopter phase. The journey will be long, but we have to lay the proper foundation for our revenue engine today.

Few wallets offer a native token; could you tell us a little about the BRD token and its value-add?

The BRD token (BRD), which is available on major exchanges like Binance and also within the BRD app, is a token that offers all sorts of great rewards and financial incentives for services that our customers are already using. Rewards range from significant discounts off of trading fees to physical rewards, such as free Cryptosteel Capsules for BRD token- holders above a certain threshold. It's a great loyalty program that allows us to retain our best users, and it's been great for all BRD users to get big rewards for something they're already doing...using the BRD app!

More information can be found here.

Lastly, what are you most excited about when it comes to BRD's 2021 product roadmap?

The BRD roadmap will be focused on two major initiatives:
1) Bringing massive usability and even more simplicity to the entire consumer crypto experience. Everything from making crypto addresses more personal to delivering richer market and trends data even faster.
2) Offering high-yielding products for our HOLD'er user base. We will be providing investors a way to earn on passive gains while securing their long-term crypto investments inside BRD.
Finally , keep an eye on more of your favorite Top 20 cryptocurrencies (by market cap) coming to the BRD in 2021! :)