OpenSea, a marketplace for non-fungible tokens (NFTs), has announced the acquisition of Dharma Labs, a digital wallet for cryptocurrencies. The company did not disclose price of the deal, however, reports said the NFT marketplace could have spent between $110 million and $130 million for the company.
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As part of the acquisition, Dharma Labs Co-Founder and CEO, Nadav Hollander, will work at OpenSea as Chief Technology Officer. Dharma Labs Chief Operating Officer, Brendan Foster, said the company behind the Dharma wallet does not want to "shoehorn Dharma's current form-factor" into OpenSea's product suite, which is why it will close the wallet app. Foster asked users to withdraw or sell their funds from Dharma Smart Wallet before February 18, 2022.
"Users who have not completed off-boarding will still be able to access funds in their wallet through an open-source DApp that will be permanently hosted through IPFS in a wholly non-custodial experience," Foster added.
OpenSea CTO, Alex Atallah, from now on will serve as the marketplace's representative for the recently announced NFT Security Group. He will also lead community investment efforts. The acquisition comes shortly after OpenSea completed a Series C funding round in which it had raised a total of $300 million, resulting in the company's valuation reaching $13 billion.
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