OpenSea buys Dharma Labs to be its chief technological officer
Two weeks after OpenSea talked about buying Dharma Labs, OpenSea announced that they bought the crypto wallet Dharma Labs on Tuesday (01/18). The crypto wallet Dharma Labs is available to receive assets in Ethereum and use the Matic Polygon network as OpenSea. That answered why OpenSea buys the crypto wallet Dharma Labs than buying the other start-up wallet.
To facilitate the user in the transaction, Dharma Labs offers key integration to many banks in the United States. In the Axios report, OpenSea will buy the startup in a range of $110 million to $130 million. The deal was made in order to improve users’ transactions in crypto wallets since the exploding popularity of NFT. As the popularity of NFT advances, many global brands and digital artists are rushing to sell their art. On the other hand, OpenSea needs to boost the crypto wallet as soon as possible.
Since OpenSea officially teamed up with Dharma Labs, the founder of the crypto wallet Nadav Hollander will be in charge of OpenSea’s chief technological officer (CTO). The Dharma Labs CTO Alex Atallah will take part in OpenSea’s NFT ecosystem. Hollander praised the performance of the OpenSea founder and team in driving the NFT market in the last four years.
For your information, Dharma Labs is a digital wallet for cryptocurrency, founded in 2019. This wallet offers more than 70,000 crypto tokens. Recently, Dharma diverted its purpose as a stable coin savings account and placed the start-up as the open gate to the decentralized finance world. Dharma also has the best rate on Ethereum and Polygon cryptocurrency.