OpenSea announces acquisition of Dharma Labs, new CTO

OpenSea announces acquisition of Dharma Labs, new CTO


OpenSea made an announcement on January 18 that it has successfully closed the acquisition of Dharma Labs.


The acquisition details of Dharma Labs, a crypto lending platform and digital wallet, has not yet been revealed. According to the official statement, Dharma Labs would be effectively shut down while its co-founders, Nadav Hollander and Brendan Forster, would now become the new Chief Technology Officer and Head of Strategy at OpenSea, respectively.


OpenSea has claimed the recent acquisition would assist the firm in the accomplishment of its mission of scaling product development, growing its team, expansion of its safety and reliability efforts, as well as driving investments in the nonfungible token (NFT) and Web3 ecosystem.


OpenSea’s Co-founder and CEO, Devin Finzer, has said he believes that the new “union” between the marketplace and Dharma Labs would help them to “dramatically” improve the experiences of buying, selling and, minting NFTs on OpenSea.


He has also added that the two companies share a vision that NFTs would become the cultural focal point of crypto’s adoption in years to come, but that vision can only be realized when using NFTs become “easy & delightful for the average person.”


As the new Chief Technology Officer, Hollander would lend his expertise into improving their products’ technical reliability and uptime, and building Web3-native mechanisms for rewarding loyal community members.


As per a statement from Dharma Labs, the Dharma Smart Wallet would subsequently be deactivated in the next 30 days. It has hence urged its users to withdraw or sell their funds by February 18, 2022. It has also clarified that the users would not have to pay any fees for doing so.


In addition, OpenSea has also recently announced the creation of a private NFT Security Group that is reported to steer investment efforts as well as tackle security challenges that are faced by the NFT and Web3 ecosystem. 


Current Chief Technology Officer and its Co-founder, Alex Atallah, would now assume the role of overseeing the group’s development.

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