OpenSea making a move towards acquisition of Dharma Labs; Announces new funding
OpenSea, the world's biggest NFT marketplace, is aiming to buy out Dharma Labs, a digital wallet platform. As per a report from Axios.com, this might be an attempt to strengthen the NFT marketplace, making it suitable for customers.
OpenSea is working out details with Dharma Labs
As per the report from Axios, OpenSea is currently working out on the deals with the digital wallet platform, and it might take some time for actual fruition. Both the firms haven't commented on the matter, and it seems that the deal is still being discussed."NFTs have exploded in popularity, as everyone from global consumer brands to indie artists has rushed to sell digital collectibles, and user-friendly crypto wallets are critical to the industry's future growth," said the report from Axios.The report also stated that the terms of the deal are being "hammered out" and involve a capital of somewhere between $110 million and $130 million.
New Funding and VP
OpenSea announced a new funding round for the firm, raising $300 million in a Series C funding round at a valuation of $13.3 billion. The funding round was led by Paradigm and Coatue.Moreover, the NFT marketplace also announced Shiva Rajaraman as the new VP of Product. Rajaraman was earlier the VP of Commerce of Meta (formerly Facebook). Previously, the platform also brought a new CFO.
OpenSea has highlighted four new goals with their newly acquired funding which includes:
- Accelerate product development
- Significantly improve customer support and customer safety,
- Meaningfully invest in the wider NFT and Web3 community
- Grow our team.
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