NFT marketplace OpenSea is putting some of its freshly raised funds to good use, buying up crypto wallet startup Dharma Labs, the company announced today. The announcement follows a report earlier this month in Axios that detailed OpenSea was in talks to buy the startup for between $110 million and $130 million.
Dharma’s Ethereum wallet allowed users to connect their bank accounts, and buy and swap tokens while engaging with other elements of the DeFi ecosystem. OpenSea will be shutting down Dharma’s app as part of the deal, a move that is sure to be controversial with the crypto wallet’s users who will have just one month to offload assets from the wallet to a different account.
As part of the deal Dharma Labs co-founder Nadav Hollander will become OpenSea’s new chief …
