BRD raises $32m alongside launch of new Augustus service

Bitcoin and cryptocurrency mobile wallet BRD, formerly Breadwallet, has raised $32m in its funding round, alongside the launch of its new Augustus service.

The funding was made up through both a crowdsale and venture capital, with existing backer East Ventures being among the investors.

Lunched in 2015, the Zurich headquartered company provides blockchain-based financial services through a mobile app. The platform enables consumers and retail investors to but cryptocurrencies with credit cards, at bitcoin ATMs, and at convenience stores.

The equity from the round will be used to bolster its global customer acquisition, launch a rewards program concept, scale its technology platform, and expand its engineering and business development teams in its new Chicago, Bend and Tokyo offices.

Augustus is BRD’s new solution and enables users to receive, send and buy ERC20 tokens through a partnership with crypto exchange Changelly.

The company’s rewards program and BRD token provides holders with discounts when using financial services on the app and reward points are distributed to users dependent on how many tokens they hold.

BRD co-founder Aaron Lasher said, “If we’re going to build a new financial system, we might as well revise rewards and loyalty programs too. Today, hotels and airlines spin up points when earned, and wind them down when redeemed. It works pretty well, but consumers must trust the company to manage the value of their points. We can’t make any more BRD tokens. We have to deliver value to those who hold our token, period. This is a new model and a challenge to the status quo.”

Late last year, the company closed its ICO on $32m, hitting its target within its eight-day target. The crowdsale was completed with $12m funded in the pre-sale and $20m in its public offering.

Prior to the ICO, BRD closed a $7m funding round from investors including DAS Capital, East Ventures, Globe Advisors, Liberty City Ventures and Maffin, among others.

Copyright 2018 FinTech Global

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