The following is not financial advice.
Welcome to back The Scoop!
This is the next post at a place where we share analysis and opinions for interesting coins, tokens and pure gems in the vast landscape of the blockchain world. There's so many coins out there, but not a lot of free information (looking at you, paid groups) and analysis on them. The Scoop aims to change that by sharing and improving the data available for a given coin.
What is Bread?
It's a bitcoin wallet connecting people to financial services offered on their network. The goal is to become the largest decentralized financial institutional in the world. The mobile app is easy to use and the idea is to require BRD tokens to access the services they provide.
More details here:
https://token.breadapp.com/en/
Where's the wallet?
One can store these tokens in an eth wallet.
Whitepaper:
https://d2n2g5n187q8lu.cloudfront.net/static/docs/BRD-whitepaper-EN.pdf
How many of them are they?
CMC says ~59m circulating with a total supply of 88m.
Who's the team?
CEO actually has CEO experience, they have mobile app and UX development (Bread has a super UI) folks, their CPO has worked for both Coinbase and Kraken and it never hurts to have Charlie Lee as an advisor. Loaded with folks who know the business side, product side and crypto side very well.
Marketcap and Competitors?
Sitting at ~188m cap with ~38m volume.
Would Coinbase count as a competitor? :)
How is Bread different?
Slick UI that screams, "I just work". Really like the team and advisors. And the name too... gimme that bread!
Pros
- working product
- adoption
- volume
- decent whitepaper
- solid backing
Cons
- competition from traditional wallet/service providers
- need some hit services to offer
Where is it traded?
As of today, it's a Binance gem.
https://coinmarketcap.com/currencies/bread/#markets
The Final
Based on the FA, BRD looks like a low to medium risk with high reward potential if they continue to deliver and catch on. Picking it up under 16k sats would be bargain or around $4 - $5 would be an upper entry while still expecting solid, crypto-style gains.
And that's your scoop!