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Portfolio News, Dharma


Dharma being acquired by OpenSea

Published:

Jan 19, 2022


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Posted In:

Portfolio News, Dharma

Published:

Jan 19, 2022


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We are very pleased to share that Fund II and DeFi Fund I portfolio company Dharma is being acquired by OpenSea in an all-stock deal that is reported to be between $110m - $130m. As part of the transaction, Nadav Hollander (Dharma CEO and co-founder) is taking over as Chief Technology Officer.

FinTech Collective Fund II first invested in Dharma in March 2019. Dharma is a mobile-first wallet that offers regulated fiat on-and-off ramps into crypto and has direct in-app integrations into DeFi protocols for savings, lending, and trading. The Dharma team has built some of the most seamless experiences for onboarding consumers and allowing them to participate in decentralized finance (DeFi).

Today, NFTs have become the focal point of crypto’s cultural awakening, with OpenSea emerging as the leading marketplace for this new asset class. To highlight their prominence, $20b in NFTs were traded on the OpenSea platform in the last 12 months - with $6b of that volume in the past month alone.

Democratizing access to NFTs is a generational opportunity to onboard the next 100m+ users into digital assets and DeFi. Improving the experience of buying, selling, or minting an NFT will be a force multiplier for the growth of the space as a whole. We are of the belief that one day the volume of commerce in digital-first goods may eclipse that of the physical world.

Together, OpenSea and Dharma are a foundational piece of infrastructure to help realize this vision for NFTs and DeFi, and we could not be more excited about their prospects together.


Links to News

NFT marketplace OpenSea buys crypto wallet Dharma Labs - Reuters - Read more
​​
OpenSea Acquires Dharma Labs, Welcomes New CTO - OpenSea Blog Post - Read more

Dharma Blog Post - Read more


Congratulations to Nadav, Brendan, and the full Dharma team - #staymagical



Brooks, Gareth, Sean and the FTC team

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