Non-fungible token (NFT) marketplace OpenSea has acquired crypto wallet firm Dharma Labs, the company announced Tuesday.
As part of the deal, Dharma co-founder Nadav Hollander will become OpenSea’s newest chief technology officer. Co-founder Alex Atallah had previously been in the CTO role.
“[Co-founder] Devin [Finzer], Alex and the entire OpenSea team have shown incredible tenacity and grit over the past four years in taking their original idea for an NFT exchange to where it is today,” Hollander said in a statement. “I’m excited to focus on scaling OpenSea’s tech to meet the reliability, performance, and uptime benchmarks its users expect and deserve.”
Just like Dharma, OpenSea serves assets on the Ethereum mainnet and Polygon’s Matic network, perhaps explaining why the firm was an acquisition fit. Dharma also boasts key integrations with many U.S. banks.
Dharma launched in 2019 as a crypto lending startup before pivoting to stablecoin savings accounts later that year. More recently, it positioned itself as a mainstream-friendly gateway into the world of decentralized finance.
The vision to be the “Robinhood of DeFi” ends now, however. Dharma said the app will be shut down in one month.
10/ To all Dharma users, past and present — thank you for your support, your feedback, and your enthusiasm. It’s been a pleasure to build for you.
Please go to https://t.co/fTNhonjv2p for instructions on what you need to do now as we sunset the app.
— Dharma (@Dharma_HQ) January 18, 2022
The marketplace is on pace to break its $3.4 billion monthly high set last August.