BreadWallet Rebrands to Bread, Plans to Raise $20 Million in ICO
Bread’s Tokensale Runs From December 15th to December 23rd, 2017
BreadWallet, one of the most secure and widely used bitcoin wallets has officially rebranded to Bread and has launched an initial coin offering (ICO) campaign and a major update to its iOS and Android apps.
In September, Bread implemented a major overhaul to the application’s user interface and design, for the first time since 2014.
In the short-term, Bread plans to integrate various updates including ERC 20 token support, which will allow Bread’s users to safely store, send, and receive tokens launched on top of the Ethereum protocol using the ERC 20 token standard.
In an interview with Fortune, Bread co-founder Aaron Lasher emphasized that the recent overhaul of the app’s user interface and the company’s decision to implement support for ERC 20 tokens originated from the firm’s vision to allow users to use the app as a cryptocurrency and asset portfolio management system.
With Bread, users can now hold any ICO token on their mobile device without the need for separate native wallets.
“Bread was made in 2014 as a simple secure solution at a time when wallets were so complex only geeks could use them. But now anything can be tokenized and crypto-currency is part of the world of portfolio management,” said Lasher.
Currently, Bread is the most popular cryptocurrency wallet on iOS and the company is one of the largest and fastest growing companies in the space, with 750,000 customers in over 140 countries, protecting billions of dollars worth of bitcoin.
Since launch, the Bread development team has focused on simplicity, security, and the prevention of theft caused by malware and vulnerabilities. Its latest update reflected the company’s dedication to simplifying the process of sending and receiving cryptocurrencies.
As Bitcoin.org’s description of Bread reads:
“Simplicity is breadwallet’s core design principle. As a real standalone Bitcoin client, there is no server to get hacked or go down, and by building on iOS’s strong security base, breadwallet is designed to protect you from malware, browser security holes, even physical theft.”
Within the past month, Bread raised $12 million in its presale which sold out in just 4 days. The next stage of their ICO will run from December 15th – 23rd with the company looking to raise $20 million.
During the ICO, a maximum of 160 million Bread tokens will be issued, priced at 900 BRD tokens per 1 Ethereum.
- 106M tokens will be for sale.
- 32M tokens will be used for the administrative cost of the token sale including marketing campaigns and airdrops to existing Bread users.
- 22M tokens will be retained to support future development
Holding Bread tokens will grant users various benefits including discounts on service fees when purchasing cryptocurrencies through the app.
The greater the amount held, the greater the perks and those with large holdings will be granted additional benefits including additional customer support, early access to qualified ICOs and exclusive invitations to events.
In the upcoming months, some of the funds raised from the ICO will be used to address the growing demand for the app from consumers and for the development of Bread’s crypto-asset portfolio management system.
“Once it is possible to invest in digital assets, such as ERC20 tokens, and hold them in your Bread, users will most likely want access to powerful tools to track the performance of their holdings. We will be introducing a robust portfolio management platform, with a design similar to asset trading and management platforms for the traditional financial industry,” said the Bread development team.
By early 2018, Bread also plan to provide users with various information sources, including the latest cryptocurrency and token-related news.