In the latest episode of the all-things crypto podcast Block Stars, Ripple CTO David Schwartz speaks with BRD CEO Adam Traidman. BRD was the very first crypto wallet to be released on Apple’s App Store in 2014. Hence, Adam is used to explaining digital wallets to the uninitiated.
He compares them to their physical equivalent with which we have held and controlled all of our money. Like the wallet in your pocket, a consumer can receive money into a digital wallet and use it to send money to others and pay for services. But it also offers additional control and security.
“A BRD wallet is not required to be kept,” he explains. “Your private keys are located directly in a hardware-encrypted chip on your phone. We can never access your money. When you lose yours [physical] Wallet, you are losing your money. Even if you lose your phone, you can still access your phone [digital] Medium.”
With nearly five million customers in 170 countries with over $ 6 billion worth of digital assets, BRD is excited about the mainstream spread of cryptocurrencies. Adam believes this growth is due to digital assets moving from primarily speculative investments to more utility-based functions, especially cross-border remittances.
“[From] People who send money home to their friends and families abroad [to] People who don’t have bank accounts and can log into our app. You do not need an ID and do not have to register. You could spend that [money] and change the life of their family. The main reason people use our app today is because it’s easy to get started, ”explains Adam.
The global use case for wire transfers is more important than ever as more and more people are sending digital payments to loved ones amid the travel restrictions imposed by COVID-19. Adam believes the global pandemic is raising awareness of the benefits of blockchain technology for both consumers and businesses. BRD is already exploring future applications, including a new enterprise product called Blockset, which will allow companies to create blockchain-based products.
“[It’s] like an AWS [Amazon Web Services] for blockchains. We have major banks, accounting firms, and systems integration companies that are using our platform to accelerate the development of [blockchain] Apps. We can do more on a scale [so our customers can] achieve a higher degree of functionality and thus offer the end customer a better product or service. “
Adam believes that as an early stage promoter in the crypto world, BRD plays an important role in providing a platform for the future innovators in the industry.
“We have made great strides as an industry in helping people … creating opportunities.” [BRD can help] spawn a new generation of technology used in facilities to make it easier to interact with all of these digital assets. “
Now watch episode 6 of Block Stars to learn more from Adam, including how blockchain can affect identity verification, why customers don’t always feel the friction of compliance, and what happened when he received an unexpected phone call from received from a customer in Kansas.