$100 million blockchain startup BRD just added new tools to help the likes of Deloitte and KPMG make cryptocurrency more accessible to customers

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Adam Traidman CEO BRD

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$100 million blockchain startup BRD rolled out cryptocurrency tools and partnerships now used by Deloitte, KPMG, and Fidelity as part of its mission to make cryptocurrency more accessible

$100 million blockchain startup BRD rolled out cryptocurrency tools and partnerships now used by Deloitte, KPMG, and Fidelity as part of its mission to make cryptocurrency more accessible

Back in January, $100 million startup BRD rolled out an enterprise developer platform to allow big companies like Deloitte, KPMG, and Fidelity to use blockchain technology to securely move and store information, and it’s now announcing new partnerships with major crypto-security companies to make those tools more robust.

The developer platform, called Blockset, makes it easy for companies to call on its application programming interface (API) to use blockchain technology for things like securing title registrations on a house or transferring funds. BRD’s new partnerships with CipherTrace, Unbound Tech, Elliptic, and Chainalysis will allow customers to integrate anti-money laundering technology and maintain regulatory compliance through actions like checking for — and reporting — suspicious activity.

BRD CEO Adam Traidman told Business Insider that its customers will be able to use Blockset to build blockchain tools that it can then offer their own clients: “We want to be the underpinnings of the technology that they use to deliver,” he said. 

There’s a number of reasons why enterprise companies might want to deploy blockchain initiatives. Firms can use blockchain to share medical information securely, send and receive money transfers, or track original art and music to make sure copyright isn’t being infringed upon. It could even be used to prevent voter fraud: The USPS filed for a patent on voting technology using blockchain that would allow citizens to cast their votes through an online portal back in August.

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KPMG, for instance, is using BRD’s Blockset tools to build a product called Chain Fusion that it offers to financial institutions to help them manage cryptocurrencies, including through fraud mitigation. Using BRD’s tools, firms like KPMG can get the benefits of blockchain without having to hire domain experts and start from scratch, while these kinds of partnerships also help normalize the use of blockchain and cryptocurrencies in general.

“You trust system integrators and auditors — companies like KPMG —more than you trust Silicon Valley startup companies in the crypto space,” Traidman said. 

More people and companies are interested in adopting blockchain

BRD has gone through many shifts in its five-year history. 

It launched the first Bitcoin wallet in the App Store back in 2014, when it was called Breadwallet, and eventually broadened its scope to offer a support of other cryptocurrencies like Ethereum, Ripple, and more. That wallet now has 6 million customers worldwide and 550,000 monthly active users.

The company also rebranded itself: First from Breadwallet to Bread, and then to BRD in 2018, all while raising a grand-total of $54.8 million at a $100 million valuation. 

It’s latest product launch, Blockset, actually came about on accident. SBI Group — BRD’s largest investor and Japan’s largest online broker — saw the back-end infrastructure of BRD’s consumer-facing …read more

Source:: Business Insider

      

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