Coinberry, BRD Partner to Bridge the “Gap Between the Fiat and Crypto World”

Francisco Memoria
  • Commission-free crypto trading platform Coinberry partnered with BRD to "introduce" its 1.2 million users to its platform.
  • The partnership's goal is reportedly to bridge "the gap between the fiat and crypto world.”

Coinberry, reportedly Canada’s first federally registered commission-free cryptocurrency trading platform, has recently partnered with BRD, formerly known as Bread Wallet, to introduce the latter’s 1.2 million users to commission-free crypto trading.

According to a recent press release, the partnership was announced at the Blockchain Futurist Conference in Toronto, Canada earlier this month. Toronto-based Coinberry, according to its website, uses proprietary algorithms and trust cryptocurrency exchanges like Kraken to serve its customers.

BRD, formerly known as Bread Wallet, reportedly services users in over 150 countries, allowing with them to store and trade top cryptocurrencies like bitcoin, bitcoin cash, and ethereum, as well as dozens of ERC-20 tokens. The wallet, per the press release, was the first crypto wallet available on Apple’s app store.

The partnership is set to “introduce BRD’s community of 1.2 million users to Coinberry’s platform.” Speaking to Betakit Peter Shanley, BRD’s head of business development, touted the partnership as “an opportunity to continue bridging the gap between the fiat and crypto world.”

He was quoted as saying:

We have offices all around the world, but we can’t be everywhere. So to find trusted, awesome partners and platforms who kind of ascribe to our kind of needs and values of simplicity design, privacy, security, in markets where we don’t have a presence… is a match made in heaven.

Peter Shanley

Per Adam Traidman, BRD’s CEO and co-founder, Coinberry’s advantages include its support for Canadian bank accounts and its lack of “long wait times,” which the platform presumably doesn’t have thanks to the liquidity of the world’s top crypto exchanges.

Notably there are other commission-free trading alternatives out there for users. Stock trading app Robinhood launched Robinhood Crypto earlier this year, allowing users to trade top cryptocurrencies without paying fees.

The app, which added support for Dogecoin last month, has been expanding in the US to be available to more users. After starting in only four states, its crypto trading service is now available in 18, with Georgia being its latest addition.

The company, as CryptoGlobe covered, is said to be in talks with regulators to offer banking services like savings accounts to its over 4 million users. In June its CEO revealed he believes the majority of users pay “exorbitant fees” with existing wallets and exchanges.

Overstock CEO Sells Shares in His Company to Invest in Blockchain Projects

Patrick Byrne, the chief executive officer of Overstock.com (OSTK), has recently lashed out at investors who questioned his sale of 900,000 of his ‘founders shares’ in the company. Justifying his move, he revealed he needed the funds to invest in blockchain projects.

According to Business Insider, Byrne recently sent a letter to shareholders after the company’s stock prices plunged over 21% this week to their lowest since 2012, after he revealed he sold 500,000 of his shares earlier this week.

On Friday, the CEO revealed he sold an additional 400,000 shares, meaning he sold over 15% of his stake in the company. Although Overstock’s shares recovered on Friday, May 17, Byrne’s letter to shareholders was notable. In it, he wrote:

I simply had to supplement my nominal salary with stock sales in order to fulfill personal commitments to invest personally in blockchain projects such as Medici Land Governance, along with a need to meet charitable pledges.

The CEO added that he doesn’t plan on giving such an explanation again, justifying that he owes shareholders “staying within the law and not making decisions based on inside information, not explanations of my life and projects outside Overstock.”

He noted that the “unanticipated stir” caused by his sale was unexpected, and added “I had no idea that shareholders would demand explanations of why and how I might want to use my cash derived from my labor and my property to pursue my ends in life.”

Byrne is notably Overstock’s largest shareholder, and noted he told investors a year ago he would be making “significant sales” to fund different projects, including those related to blockchain technologies and, presumably, cryptocurrencies.

In fact, the libertarian sold 775,000 of his shares in September of last year, before this week’s sale. The stock’s price has fallen roughly 90% from its record high in January of 2018, when Overstock was benefitting from its cryptocurrency ventures and accompanying the cryptocurrency market’s performance.

In November of last year, Byrne revealed he had plans to sell Overstock’s retail business and go “all-in” on cryptocurrencies and blockchain technology. The CEO’s plan would see the company focus on its fully-owned subsidiary Medici Ventures, which has been invested in blockchain-related startups, after selling its retail business.

Overstock's price performance over the last two yearsSource: Yahoo Finance

Byrne has notably been battling short sellers targeting Overstock, as the firm competes with the likes of eBay and Amazon. Financial analytics firm S3 Partners has estimated short bets against it stand at $157 million, or 50% of its float. This makes it more targeted by short sellers than 99% of companies in the U.S.

Despite the company’s performance on exchanges, Overstock has since launched its tZERO security trading platform, and was one of the first companies to pay a “portion” of its taxes using bitcoin in Ohio.