OpenSea announceAcquisition of Dharma Labs, a digital wallet and lending platform. In an undisclosed amount on Tuesday, according to a statement, Dharma Labs will be effectively shutting down. And co-founders Nadav Hollander and Brendan Forster will become OpenSea’s new Chief Technology Officer and Chief Strategy Officer respectively.
OpenSea said the acquisition will help fulfill its mission of scaling up product development. including expanding the team Expanding safety and reliability efforts and invest in NFT tokens and the Web3 ecosystem.
OpenSea co-founder and CEO Devin Finzer believes that the ‘union’ between the marketplace and Dharma Labs will “help us dramatically improve the experience of buying, building, and selling NFTs on OpenSea.”
He added that the two companies share a common vision that “NFT will be the cultural focal point of crypto adoption for years to come. And that vision will only come true when using NFT becomes easy and enjoyable for the masses.”
As the new Chief Technology Officer at OpenSea Hollander is expected to use his expertise to improve technical reliability and product uptime. and create a Web3-native mechanism that rewards loyal community members.
followA statement from Dharma Labs states that the Dharma Smart Wallet will be deactivated in 30 days, thus asking users to withdraw or sell funds before February 18, 2022 and clarify that they will not incur any processing fees. such
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