COVID-19, Crypto Mining News

COVID-19 Propelled Crypto Adoption as it Hit 6M User Mark

The operator of the BRD crypto wallet from Switzerland claimed that it has more than six million users worldwide, much of it is growing users coming from India and the Latin America region, and COVID-19 helps bring people to crypto in their drives.

In an interview, the firm has stated that it had expected to be having 10M users on the platform by the early months by the next year.

The company claims that it is now picking up 0.5M users each moth – though it has taken BRD for another four years to pass the 1M post.

Adam Traidman, the BRD CEO and Co-founder, has stated that the coronavirus pandemic has driven many first-time consumers to crypto, then falling interest rates in some areas also thinking to be a driving factor for those who wish to safeguard the savings from the effects of inflation.

Traidman voiced to the journal,

“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.”

Traidman also noted that BRD had 550,000 monthly active users at the beginning of July. The firm has recently received an investment injection of the $15M, hoping to help control its expansion into Asian markets.

BRD has raised some $55M in funding to date. The backers include East Ventures and the investment arm of SBI, the Japanese financial giant that today has snapped up a controlling stake in Yahoo Japan-run TaoTao crypto exchange.

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