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.
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