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NFT trading empire, OpenSea, has acquired DeFi wallet Dharma Labs, which it now intends to absorb into its platform and benefit from its extensive knowhow.
With immediate effect, Dharma Labs co-founder, Nadav Hollander, will become OpenSea’s new Chief Technology Officer (CTO), while former CTO, Alex Atallah, will move into a new role focusing on OpenSea’s NFT ecosystem development efforts.
Dharma Labs’ operation, like OpenSea, runs on both the Ethereum and Polygon networks, and also offers integration with a number of US banks. However, Dharma Labs will now wind down its application as it integrates with OpenSea’s vast platform, officially closing down all support for the app on February 18. Going forward, it will focus on improving the buying, selling and minting experience of its new overlord.
“We will be bringing our knowledge, expertise, and technology to OpenSea in order to power a mainstream-friendly way to buy, sell, and mint NFTs. Together, we will push forward the NFT industry,” stated the Dharma Labs team.
1/ On behalf of the entire Dharma organization, we are thrilled to announce that we’re being acquired by @OpenSea. https://t.co/YGz7U51ZLa
— Dharma (@Dharma_HQ) January 18, 2022
OpenSea acquired the knowledgeable tech firm for an undisclosed sum. However, reports indicate that a recent investment drive raised over $7 million in additional funds. With this new expertise, OpenSea will now look to improve and innovate its platform in the wake of stiff new competition from NFT startup LooksRare.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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