cryptocurrency
Bulletins

OpenSea buys Dharma Labs

The dominant NFT marketplace is adding a wallet maker to its collection of crypto assets

Bored Ape Yacht Club site page

Dharma Labs will help OpenSea build out its product for consumers.

Photo: Dylan Calluy/Unsplash

NFT marketplace OpenSea has acquired Dharma Labs, which makes a wallet app for buying and selling crypto.

OpenSea, which was recently valued at $13 billion, is acquiring the company to help build out its product for consumers. The Dharma app is going to shut down, the companies said.

OpenSea recently blocked the sale of stolen Bored Ape Yacht Club NFTs on its market, highlighting the need for more sophisticated protections for buyers. OpenSea buyers must currently connect a third-party wallet to their account, adding a layer of complexity to the process of acquiring an NFT.

Nadav Hollander, CEO of Dharma Labs, is becoming CTO of OpenSea as part of the deal.

Tomio Geron

Tomio Geron ( @tomiogeron) is a San Francisco-based reporter covering fintech. He was previously a reporter and editor at The Wall Street Journal, covering venture capital and startups. He was also as a staff writer at Forbes covering social media and venture capital, and edited the Midas List of top tech investors. He can be reached at tgeron@protocol.com or tgeron@protonmail.com.

nftblockchainopenseadharma labscrypto walletscryptocurrency
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