OpenSea Acquires DeFi Wallet Firm Dharma Labs

NewYork based online Non-fungible token (NFT) marketplace OpenSea, announced Tuesday that it has acquired Dharma Labs, an emerging company in the global DeFi ecosystem. The amount of the deal is not disclosed.

The news first reported on January 4, almost two weeks after OpenSea raised $300 million in its Series C funding round, valuing the company at $13.3 billion. According to the firm, the latest acquisition will help accomplish its mission to scale product development, grow its team, expand its safety and reliability efforts and invest in the Non-fungible token (NFT) and Web3 ecosystem.

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

According to the statement, Dharma Labs would effectively close down. Its co-founders, Nadav Hollander and Brendan Forster, will join OpenSea as chief technology officer and head of the strategy, respectively. Co-founder Alex Atallah, formerly the CTO, will take on a new role overseeing "NFT ecosystem development efforts."

"The team at Dharma is among the most talented and respected consumer crypto teams in the world, having built beloved experiences for seamlessly onboarding fiat currency to blockchains. Our teams share a vision that NFTs will be the cultural focal point of crypto's adoption for years to come, and that vision can only be realized if using NFTs becomes easy & delightful for the average person," Devin Finzer, the Co-Founder and CEO of OpenSea, said in a blog.