(Bloomberg) -- OpenSea, the largest NFT marketplace, has acquired cryptocurrency wallet provider Dharma Labs for an undisclosed amount.
Dharma is an Ethereum-based wallet that allows users to transfer funds between bank accounts and decentralized exchanges. The app will close in one month, according to its website. An OpenSea spokesperson declined to comment on the terms of the transaction.
Along with the Tuesday announcement, OpenSea appointed Dharma’s co-founder and Chief Executive Officer Nadav Hollander as chief technology officer. The company’s current CTO, Alex Atallah, who is also a co-founder, will step into a new externally-facing role focused on Web3 and NFT development.
Non-fungible tokens, or NFTs, have become an increasing popular vehicle for artists and creatives to sell their work digitally. NFTs are also a part of Web3, what some proponents characterize as an emerging Internet ecosystem where individuals have more control and ownership.
OpenSea has benefited from the upswing in NFT interest. The platform was valued at $13.3 billion earlier this month following its latest funding round.
“We believe this union will be a force multiplier for NFTs and web3 adoption, and help us dramatically improve the experience of buying, minting, and selling NFTs on OpenSea,” Devin Finzer, CEO and co-founder, said in a statement.
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