OpenSea confirms acquisition of Dharma, sets sights on fiat onramps

Quick Take

  • 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.

"Nadav’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 mechanisms for engaging with and rewarding our early and loyal community," Finzer said. 

Dharma, an early entrant to DeFi, set out to create a more seamless user interface for lending and swapping tokens — bridging the crypto and fiat world by enabling users to deposit $1,000 from their debit card to swap tokens listed on Uniswap v3. Dharma's app will be sunset, according to the company. 


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