Mobile crypto wallet BRD has announced that it’s garnered roughly six million customers over the past five years, reaching a new record.
BRD Users Have Exploded In Two Big Regions
Executives claim that the companies biggest client bases are now in Latin American countries and in India, which presents two contrasting issues facing the crypto world. On the one hand, Latin America has been a growing base for cryptocurrency representation and usage. Cryptocurrencies such as Dash and bitcoin have exploded in popularity, and blockchain technology is even available to consumers by way of major banks, suggesting that many regulators see the technology as a necessary ingredient in the establishment of financial futures.
By contrast, India has been one of those countries that cannot seem to make up its mind about crypto, and at the time of writing, is on the verge of potentially seeing all crypto rights being revoked. The nation is considering a full ban on bitcoin and cryptocurrency trading. Prior, the only ban in place prevented cryptocurrency companies from doing business with banks, and while this was ultimately deemed unconstitutional, legislators within India’s government body now consider a complete ban on crypto and crypto trading necessary.
Thus, all BRD users in India could eventually find themselves unable to use their wallets.
In any case, however, the mobile wallet has the nation’s many people to thank for its sudden growth and expansion. The company has been around for roughly five years and is based in Zurich, Switzerland. Adam Traidman – the CEO and co-founder of the company – believes that one of the big reasons the firm is garnering so many customers is because of the ongoing coronavirus pandemic, which he states is making many people rethink the worlds of finance and banking.
It’s causing a lot of people who are staying at home and sheltering in place to reconsider a lot of fundamental questions about their lives and family right now. It’s causing a lot of thinking about money and finances. People have had a lot more time over the last six months to look at their investments and as a result of that, we found that for cryptocurrency in general, but especially for BRD’s business, we’ve been growing dramatically.
Further Expansion on the Way?
The company says it’s been averaging about one million new users each month, and it expects to boast as many as ten million users by the time 2021 comes about.
As it stands, Traidman says that BRD users primarily fall into two categories. The first is composed of millennials and young people, who are more likely to be found on apps like Robinhood and who aren’t interested in traditional banking, while the second group is composed of people who are turning to bitcoin of desperation due to the growing pandemic.