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OpenSea confirms acquisition of Dharma, sets sights on fiat onramps

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OpenSea confirms acquisition of Dharma, sets sights on fiat onramps

by Frank Chaparro
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Quick Takes
  • OpenSea confirms acquisition of Dharma Labs.
  • Dharma Lab’s Hollander picked for CTO role.
  • Dharma’s app will be sunset, but its technological capabilities could help with fiat on-ramps and improve the uptime of OpenSea’s core offering.
NFT marketplace OpenSea confirmed its acquisition of Dharma Labs on Tuesday, a deal that could help the $13 billion crypto firm expand its technological prowess.

The announcement comes just weeks after Axios’s Kia Kokalitcheva reported OpenSea was in talks to buy Dharma, a startup in the decentralized finance space. The terms of the deal were not disclosed, although a source close to the firm confirmed that the value of Dharma fell into Axios’s estimated range of $110 million and $130 million.

“Our teams share a vision that NFTs will be the cultural focal point of crypto’s adoption for years to come — and that vision can only be realized if using NFTs becomes easy & delightful for the average person,” OpenSea co-founder Devin Finzer said in a blog post shared with The Block.

As part of the deal, Dharma’s co-founder Nadav Hollander, a former software engineer at Coinbase and Google, was appointed chief technology officer.

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