Brave Made Record Purchases of BAT Tokens
Brave bought 534,441 Basic Attention Tokens (BAT) three days before. This happened a day before Brave revealed collaboration with TAP Network, which facilitates exchanging of BAT into “gift cards from hundreds of top national brands.”
Brave rewards 70% of its advertisement revenues with users of its browser.
“Reward comes in the form of Basic Attention Tokens, purchased with advertiser dollars (or other fiat currency, when the advertiser does not pay in BAT. These routine purchases are listed in the table above.”
As of date Brave has acquired 1,863,573 BAT. Nevertheless, the purchase made on March 9 was the largest single-day buying.
Obviously, the latest purchase propelled the price of BAT despite the overall bearish sentiment in the crypto market.
Notably, Brave remains transparent about its BAT token purchases. Any inquisitive party can trace these trades on Brave’s website. Brave uses Uphold as a payment processor to exchange fiat to BAT.
Catherine Corre, Brave’s head of communications also explained that the purchase is not related to the collaboration with TAP Network.
“This BAT purchase was not related to the TAP Network announcement. It is part of our ongoing purchases to compensate our users with BAT Rewards for the Brave Ads they are opting in to view. We give 70% of ad revenue to users via BAT, and since many advertisers pay in fiat, we buy BAT regularly to reward users. In other words, our ad deal flow is growing.”
Brave’s model demonstrates the manner in which cryptocurrency can aid mainstream products attain success.