OpenSea on Tuesday announced the acquisition of Dharma Labs, a digital wallet and cryptocurrency lending platform, for an undisclosed amount. According to the statement, Dharma Labs will effectively close and its co-founders, Nadav Hollander and Brendan Forster, will become OpenSea’s new CTO and Chief Strategy Officer, respectively.
OpenSea stated that this acquisition will help it fulfill its mission of driving product development, growing its team, expanding its security and reliability efforts, and investing in the non-fungible token (NFT) ecosystem and Web 3.0.
I’m happy to finally share that we’ve acquired @Dharma_HQ to help us scale our engineering, product and customer support! https://t.co/NnJdSFBzvo
— Devin Finzer (dfinzer.eth) (@dfinzer) January 18, 2022
Devin Finzer, co-founder and CEO of OpenSea, believes that the “union” between the marketplace and Dharma Labs “will help them dramatically improve the experience of buying, minting and selling NFTs on OpenSea.”
He added that the two companies share a vision “that NFTs will be the cultural center of cryptocurrency adoption for years to come, and that vision can only be realized if the use of NFTs becomes easy and delicious for the user.” average citizen.
As OpenSea’s new CTO, Hollander is expected to use his experience to improve the technical reliability and uptime of his products, as well as create native Web 3.0 mechanisms that reward loyal members of the community.
According to a statement from Dharma Labs, your Dharma Smart Wallet will be deactivated in 30 days. For this reason, it urges its users to withdraw or sell their funds before February 18, 2022 and clarifies that they will not have to pay any commission for doing so.
In addition, OpenSea has recently announced the creation of a private NFT Security Group that will lead investment efforts and address security and safety challenges facing the NFT and Web 3.0 ecosystem. Co-founder and current CTO Alex Atallah will take on the role of overseeing the development of the group.