BRD, a mobile crypto wallets developer, gathered $15 million in the round B funding backed by SBI Crypto Investment, SBI Holdings’s financial service division. The investments are said to be spent on staff expansion, development and promotion of the products as well as strengthening positions in Asia.
The company reported that the number of installations of its mobile wallet doubled in 2018, with more than 1.8 million people using it by the end of the year. Besides, it was also revealed that some $6 billion is stored within the wallet, mainly in Bitcoin and Ethereum. Notably, the service recorded a 24% hike in active users over 2 months just after stablecoins were added.
According to the company CEO and co-founder, SBI Group’s investments will not only help BRD take roots in Asia but even take measures for business expansion in the region.
Notably, the startup is raising funds after successful ICO in December 2017, when it gathered $20 million. The BRD coin rate, however, plunged by more than 70% since then.
Thus, BRD managed to adapt to the new market conditions and switched to cooperation with large companies with other cooperation models.
It should be mentioned that BRD entered into a partnership with Coinify to become to cover about 34 European countries with its service.