BRD Q2 2018 Update
Sep 19, 2018
Hello BRD community,
One of the bedrocks upon which BRD was founded is trust through transparency. This is becoming even more essential as the industry continues to shift and evolve beneath everyone's feet. We will continue to provide timely updates regarding all facets of our business, on a quarterly basis, as we develop the crypto-asset market together.
It's also important for us to continually reiterate our mission. At BRD, we are singularly focused on building a global financial institution. A financial institution that will enable you to manage all aspects of your financial life, starting with crypto assets. A financial institution that's inclusive of everyone, from seasoned crypto enthusiasts, to retail investors just getting started, to the underbanked in emerging countries.
We hope this update shows our customers that we continue to make steady progress towards our goal of financially liberating the individual, and that we are fortifying our position as the ultimate long-term partner for all your crypto assets.
We’ve made tons of progress in key areas of our business as we continue to evolve from being the world’s most trusted and private crypto wallet, to becoming a complete financial institution powered by blockchain technologies.
Let me take the time now to update you on key developments in the crucial areas driving our global growth:
- We continue to add executives to the team from key industries that will enable BRD to accelerate market development and expansion. Additions to our senior team include leaders from FinTech, E-commerce, Investment Banking, and Consumer Mobile. The BRD team is now up to 45 people as we continue to implement our scheduled global expansion plan.
- Co-founder Aaron Lasher takes on the mantle of Chief Strategy Officer (CSO), shaping our future vision and sharing it with a wider audience. Watch his recent AMA here: https://youtu.be/fuRIkM5FinQ. Spencer Chen, VP of Global Marketing, now assumes the role for all Marketing Operations and Growth, reporting to Adam Traidman (CEO).
- The BRD executive team has expanded with the additions of Kirill Gertman (VP of Product Management), Bob Lehto (VP of HR), Samuel Lazarus (Chief of Staff), and Matt Watkinson (Director of Investor Relations).
- We have also added new staff in Business Development and Marketing to help realize some of the revenue-generating opportunities mentioned below, and we have hired data scientists to assist us in calibrating every aspect of our user experience and participation.
- We’ve launched ERC20 support and no-limit, frictionless token trading to enable greater transactional capabilities and user engagement within the BRD app.
- We introduced our first B2B offering, BRD Secure Checkout. BRD Secure Checkout streamlines the ICO participation process for users and offers issuers a superior subscriber conversion rate in comparison to existing processes. Read more on our blog.
- Parallelized development will allow us to work on new features, partner integrations (Coinify, Coinberry, more coming soon!) and core functionality updates (#whensegwit!) simultaneously.
- We have increased and expanded our metrics-driven, KPI-based product development approach to help manage our increasing growth and the needs of a diversified audience.
- We have started to leverage in-depth user testing and interviews to help us build out the optimal experience for our users. If you're interested in participating, let us know!
Users and Revenue
- Our user base continues to grow rapidly. H1 2018 showed 30% compound monthly growth, totalling more than 1.3M new users across 170 countries.
- Revenue expansion has been even more dramatic, with Q2 revenue up 280% over Q1. We expect to maintain solid growth with the addition of our B2B revenue stream and look forward to being profitable by 2019.
- Solid runway: even under severe stress testing (hypothetical scenarios in which the prices of major cryptocurrencies experience further large drops) and ignoring the expanding revenue which we are already generating, BRD has sufficient runway for multiple years of continued activity.
- Improved analytics made available by our data scientists and mobile growth team allow us to expand new user acquisition to emerging consumer segments that are now viewing cryptocurrency as an exciting new asset class.
- User acquisition programs continue to drive a record year for new users while maintaining an industry-leading low cost of customer acquisition (CAC).
- BRD continues to offer thought leadership at industry events: CRO Brent Traidman and CSO Aaron Lasher remain busy on the speaking circuit (next seen at Blockchain Futurist Conference in Toronto). BRD also continues to be featured and cited in top technology and business news sites, such as TechCrunch, WSJ, Bloomberg, Fortune, et al.
- We’re making big investments in Q4 on a number of brand initiatives and campaigns. We can’t provide too many details at this point but know that they are already in production and they promise to be memorable as we continue to find creative ways to drive differentiation for BRD in the market.
This is just a brief overview of what we’ve been up to here at BRD. We hope you share our excitement over the successes we have enjoyed, and, just as importantly, the breathing room it gives us to select only the best, most ethical partners as part of our duty to raise the reputation of the crypto industry. Expect more announcements in the near future, including the launch of the BRD Rewards scheme, starting with discounted trading fees and telephone support. Be sure to get the latest version of the app to enjoy these new features for yourself!
Thank you for your continued support,
Adam Traidman, CEO and Co-founder of BRD
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