With the departure of OpenSea‘s existing CTO Alex Atallah, Dharma Labs CEO Nadav Hollander will assume Atallah’s job as external CTO.
OpenSea, an NFT marketplace, said on Tuesday, January 18 that it had purchased Dharma Labs, a cryptocurrency digital wallet, for an unknown sum, and that Dharma’s chief executive officer will become OpenSea’s chief technology officer.
OpenSea’s plans for its new acquisition
OpenSea is using some of its newly obtained capital to acquire cryptocurrency firm Dharma Labs, according to a press release released today. The announcement comes after a report released earlier this month. Axios OpenSea was talking about buying a business for $ 110 million to $ 130 million, according to the details.
Users can connect their bank accounts and use other components of the DeFi ecosystem while buying and exchanging tokens with Dharma’s Ethereum wallet. As part of the transaction, OpenSea disables Dharma’s app. With crypto wallet users who only need a month to dump assets from their wallet to another account, this is a contentious move.
Nadav Hollander, co-founder of Dharma Labs, will become the new Chief Technology Officer of OpenSea as part of the agreement. “We will step into a new job that he oversees,” said Alex Atallah, the startup’s former CTO. “The development activities of [OpenSea’s] Web3 and NFT ecosystems,” the business stated.
“Over the next several years, our team shares a vision that NFTs will be the cultural emphasis of crypto adoption, which has made utilizing NFTs simple and fun for the common individual.” It can only be done if, according to OpenSea CEO Devin Finzer in a blog post. Position.
Mom and pop’s OpenSea platform NFT store is a cryptocurrency unicorn worth $ 13.3 billion. In the “web3” world, the platform is excessively centralized, with early consumers not benefiting as much from the bloated reputation of companies as venture capitalist advocates.
By expressing, it became louder. Despite the attention paid to competitors such as Rarible, Zora, and the recently launched LooksRare, OpenSea remains a powerful and far-flung presence in the NFT world.
