Breadwallet Moves to Switzerland, Acquires $7 Million in Investment Funding

 Breadwallet recently  announced they would be moving their headquarters to Switzerland. This  relocation comes alongside news that the company just closed a $7  million venture funding round. The firm decided to change locations for  the purposes of growing the business and adding new features to their  native wallet application.  

Why did Investment Firms Choose Breadwallet?

 The company has many large investors that trust in their vision, and therefore have helped fund their  future goals. These investors include, DAS Capital, East Ventures,  Globe Advisors, Liberty City Ventures, Maffin Inc., OKWAVE, and Saison  Ventures. This list does not include private investors, family offices,  or other funds around the world. 

 Shinji Kimura of DAS Capital  provided his thoughts on why they decided to fund the firm. He said,  “we are investing in Breadwallet due to its unique business model and  forward thinking strategy. We believe that digital currency will become  increasingly influential as the industry continues its rapid expansion,  and Breadwallet is well-positioned to be a dominant leader in the  space.” 

Why the move to Switzerland?

This funding also aids their plan in changing offices from San  Francisco to Switzerland. Breadwallet’s CEO elaborated on why they  decided to relocate. He said: 

 

Switzerland has  emerged as a hotbed of digital currency startup activity, and we were  attracted by its leadership in conservative financial legislation. Its  strong reputation for financial privacy for consumers is the ideal fit  for our charter to empower individuals with the benefits of bitcoin.
 

 

Breadwallet will use the Funds to Upgrade the Application and Market Their Products

According to the company press release, the investment funds will be used by Breadwallet to  expand its operations and create newer features. This will help widen  the scope of Bread’s adoption rates across the globe. It will also  provide customers with an even cleaner user experience, bringing more  people on board from the Android ecosystem. The firm hopes the larger impact of their funding will also broaden  their new marketing campaign. It appears they will try to gain a further  reach as bitcoin continues to climb and gain more widespread appeal for  its retail applications. In this regard, Breadwallet could grow  significantly as a result of this pivot. 

 Do you think Breadwallet will thrive in Switzerland? What  is the company going to create with all their investment money? Share  your thoughts in the comments section below! 

Source : news.bitcoin.com