The DeFi wallet and app, Dharma Labs has been acquired by OpenSea. The new CTO will continue developing the product which is a “multi-blockchain crypto-asset trading platform with an emphasis on ease of use.”

OpenSea Acquires DeFi Wallet 'Dharma Labs' & Appoints New CTO

OpenSea, the NFT trading behemoth, has purchased DeFi wallet Dharma Labs, which it plans to incorporate into its platform and profit from its vast experience.

Nadav Hollander, a co-founder of Dharma Labs, will take over as OpenSea’s new Chief Technology Officer (CTO) with immediate effect, while Alex Atallah, the prior CTO, will transition to a new position concentrating on OpenSea’s NFT ecosystem development initiatives.

Dharma Labs’ operation, like OpenSea’s, is based on the Ethereum and Polygon networks and includes connection with a number of US financial institutions. Dharma Labs, on the other hand, is winding down its app as it connects with OpenSea’s enormous platform, with all support for the app ending on February 18. It will concentrate on enhancing the purchasing, selling, and minting experiences of its new overlord in the future.

“We will provide our experience, technology, and knowledge to OpenSea in order to enable a mainstream-friendly manner to purchase, trade, and mint NFTs.” The Dharma Labs team remarked, “Together, we will propel the NFT industry forward.”

1/ On behalf of the whole Dharma organization, we are delighted to announce that @OpenSea has purchased us. https://t.co/YGz7U51ZLa

January 18, 2022 — Dharma (@Dharma HQ)

The skilled tech business was bought by OpenSea for an unknown fee. According to sources, a recent investment drive collected more than $7 million in new money. In the face of intense new competition from NFT upstart LooksRare, OpenSea will now strive to enhance and develop its platform with this additional knowledge.