05/01/2022 Scoop: NFT marketplace OpenSea in talks to buy Dharma Labs

Animated illustration of an ornate frame with falling dollar signs

NFT marketplace OpenSea is in talks to acquire Dharma Labs, a digital wallet for cryptocurrencies, Axios has learned from multiple sources.

Why it matters:NFTs have exploded in popularity, as everyone from global consumer brands to indie artists have rushed to sell digital collectibles, and user-friendly crypto wallets are critical to the industry's future growth.

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Details: Deal terms are still being hammered out, with current talk of an all-stock deal valued at between $110 million and $130 million.

  • Founded in 2017, Dharma Labsinitially built a protocolfor cryptocurrency lending and participated in Y Combinator's program that same year.
  • It has raised about $15 million from investors like Green Visor Capital and Coinbase Ventures.
  • OpenSea is finalizing a new round of funding at a $13 billion valuation, as first reported byEric Newcomerand confirmed by Axios. It last raised money in July 2021 at a $1.5 billion valuation, led by Andreessen Horowitz.

Neither OpenSea nor Dharma Labs agreed to comment for this story.

Arts

https://www.axios.com/opensea-nft-dharma-acquire-f6df00d5-1cc0-463a-95fd-2f5039947ed8.html

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