OpenSea NFT Marketplace Acquires Dharma Labs, A Crypto Leading Platform And Wallet Provider
The NFT Marketplace OpenSea has acquired Dharma Labs, the company lending the crypto platform and also a Wallet Provider.
The company OpenSea has acquired the company whose CTO is Nadav Hollander who also worked at Coinbase and Google before coming to the Dharma Labs.
Highlighted Facts
- OpenSea has the object to enhance the Marketplace which is existing in the company by the acquisition.
- Dharma’s CEO Nadav Hollander has been working for 5 Years in the company is now the new CTO of the company after the acquisition.
- By February 18, the Wallet App of Dharma will see the sunset by the Dharma Company.
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OpenSea, the Non-Fungible Token Marketplace has acquired the platform that used to borrow and lending of the cryptocurrency, named Dharma Labs. The Dharma Labs also used to provide the digital wallet service and the aim is to invest in NFTs and the Web3 ecosystem.
The deal that has been signed by both the company under which the CEO of Dharma Labs Nadav Hollander Open’sSea New Chief Technology Officer. The company, recently said that the deal would help it “Dramatically improve the experience of buying minting and selling NFTs” on its marketplace. Now the end for the Dharma Labs has come so near as it was worked several years in the market.
CEO of OpenSea, Devin Finzer cited in a post
“Our team share a vision that NFTs will be the cultural focal point of crypto’s adoption for years to come- and the vision can only be realised if using NFTs becomes easy and delightful for an average person,”
Also added
“Ultimately we believe this union will be a force multiplier for NFTs and Web3 adoption and help us dramatically improve the e5xperiance of buying, minting, and selling NFTs on OpenSea – whether you are a beginner or a Pro.”
Speaking about Nadav Hollander’s appointment, the CEO of OpenSea Fizer said
“Nadva’s impact will be wide-reaching, but his initial mandate will be two core priorities: improving the technical reliability and uptime of our products and building web3 Native Mechanism for engaging with and rewarding our early and loyal community.”
Dharma Labs also stated about the decision as –
“In 2022 and beyond, we are excited to turn our attention towards the focal point of crypto’s mainstream adoption: NFTs,” Dharma published the statement in a blog post.
Further adding said-
“We will be bringing our knowledge, expertise, and technology to OpenSea to power a mainstream-friendly way to buy, sell, and mint NFTs. Together we will push forward the NFT industry.” Said by the now acquired company Dharma Labs in a blog post.
The CEO of Dharma Labs, Hollander will replace the CEO of OpenSea, and the existing CEO of OpenSea, Alex Atallah will be moved to the externally facing role overseeing its Web3 and NFT ecosystem development efforts.
The co-Founder and Chief Operating Officer of Dharma will work in OpenSea as a post head of the strategy and hopes to bring a “Web3 native perspective into the product, business, community, and marketing,” to the company and the statement was published in a blog post
Now as the Dharma company is sunsetting, it will also end their Dharma Wallet app over a few days. The blog also stated that the users must sell their Dharma Smart Wallet funds before January 18. The above infor6mation is carried out from the blog post of both the companies.
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