OpenSea buys start-up Dharma Labs from Crypto Wallet

[ad_1]

NFT marketplace OpenSea has bought Dharma Labs, a startup for cryptocurrency digital wallets. Announced on Tuesday, the news follows a report from Axios that the two companies were discussing a deal worth between US$110 million and US$130 million.

Dharma Labs was founded in 2017 and allows users to connect their bank accounts to their Ethereum wallets. Users then buy and trade tokens through the Dharma Lab app, however, OpenSea will shut down the app as part of the new deal.

OpenSea will also recruit Dharma Labs co-founder and CEO Nadav Hollander as its new chief technology officer. Hollander will be responsible for improving the technology behind OpenSea’s products and creating mechanisms for web3.

“Our teams share a vision that NFTs will be the cultural focal point of crypto adoption for years to come – and that vision can only be realized if using NFTs becomes easy and enjoyable for the average person. “wrote OpenSea CEO Devin Finzer in an announcement. Publish.

“Ultimately, we believe this union will be a force multiplier for NFT and Web3 adoption, and will help us significantly improve the experience of buying, minting and selling NFTs on OpenSea, whether whether you are a beginner or a professional.”

Dharma Lab users will now have one month to transfer assets from their crypto wallets to different accounts.

In other tech news, Samsung has unveiled the world’s first ray-trac-enabled mobile processor.

[ad_2]