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OpenSea acquires cryptocurrency wallet operator Dharma Labs

Popular NFT issuance and trading platform OpenSea has acquired Dharma Labs to facilitate the purchase, sale and issuance of non-fungible tokens.

“Dharma has an incredibly talented team. She has become one of the most respected in the industry, having created expertise for the seamless integration of fiat currency into blockchains. We share her vision of a future where NFT will be the center of the cryptocurrency industry for many years to come,” OpenSea said in a statement.

The deal will entail a change in leadership. OpenSea CTO Alex Atallah will lead the development of the Web3 and NFT ecosystem and his position will be transferred to Dharma Labs CEO Nadav Hollander. Hollander previously worked at Google and Coinbase.

“We have the opportunity to create something truly legendary. I’m excited to focus on improving OpenSea technologies to make them even more reliable and performant. This is what users deserve,” Hollander said.

The Dharma app will be removed, but OpenSea will release a replacement so that users can buy NFTs not only with cryptocurrencies, but also with fiat. Recall that last summer the platform managed to raise $100 million in a Series B funding round, and the total capitalization of OpenSea reached $1.5 billion.

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