OpenSea, the leading NFT marketplace, is acquiring Dharma Labs, developers of a smart contract wallet that, for U.S. citizens, doubles as a mobile fiat onramp to decentralized finance, DeFi services through integrations with traditional bank accounts.
According to an OpenSea blog post announcing the acquisition, OpenSea’s interest in Dharma Labs comes from Dharma’s “experiences for seamlessly onboarding fiat currency to blockchains.” Dharma Labs brings to the table experience in developing a popular mobile app that functions as a user-friendly onramp to crypto and DeFi. OpenSea, on the other hand, is mainly a desktop experience in need of a mobile app.
NFT space in need of better UX
In a similar blog post announcement, Dharma Labs explains the value Dharma brings to OpenSea.
“Over the past 2 years, Dharma has built some of the most seamless experiences for converting fiat to crypto, making it easy for anyone in the US to go from dollars to DeFi. We’ll be bringing this exper
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