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Taking the irreplaceable market space by storm with skyrocketing transaction volume records, OpenSea is ready to expand its ecosystem with new colors. In the latest development, the world’s leading NFT exchange channel has acquired onramp wallet developer company Dharma Labs to advance its expansion plans as part of a 2022 roadmap curated by the OpenSea community. With this acquisition, Dharma Labs is preparing to shut down its service cluster for the next 30 days, restricting users from exchanging or purchasing tokens on the portal.
For the uninitiated, Dharma Labs is a well-known decentralized platform that facilitates a secure link between fiat currencies and blockchain technology. The interface allows customers to connect their bank accounts to the decentralized network to buy and exchange tokens. The U.S. wallet solution also works like a fiat on-ramp to a decentralized financial center by supporting the integration of customer bank accounts. These teams will work together to provide users with seamless DeFi services that will drive the adoption of cryptocurrencies in the financial sector. The exact amount involved in the deal was not disclosed, but some reports suggest OpenSea’s investment could be between $110 million and $130 million.
According to a blog post published by OpenSea, the company invested in Dharma Labs due to the latter’s strong potential in connecting fiat currencies to blockchain clusters.The decentralized wallet designed by Dharma Labs is a cryptographic and Decentralized Finance integrated. OpenSea looks forward to expanding its NFT business to more investors through Dharma Labs’ powerful mobile application. The top NFT marketplace recently broke its previous record of $3.4B worth of transactional sales in August 2021, reaching a staggering $3.7B since its start in January 2022.This makes OpenSea the most prominent and trusted name in the world NFT Room with a staggering $13.3B valuation.
Speaking about the agreement, a Dharma Labs spokesperson said that the team is happy to focus on the rapidly growing NFT industry. Over the past year, NFTs have been a catalyst for cryptocurrency cultural adoption, with a plethora of commodities gaining mainstream popularity in the industry. The team looks forward to using its knowledge and expertise to help OpenSea provide a more secure interface for buying, selling and minting NFTs.
With Dharma Labs discontinuing its services, the platform has asked its users to transfer or sell tokens held in their wallets at the earliest. The company has committed to paying customers any network fees.Those customers who fail to empty their wallets within the given time frame will be able to access their wallets through open source Decentralized application Portal and have to pay their own gas fee for the transaction.
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