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Illustration: Eniola Odetunde/Axios

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.

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 Labs initially built a protocol for 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 by Eric Newcomer and 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.

Go deeper

The New York Times to acquire The Athletic for $550 million in cash

Photo illustration: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

The New York Times has agreed to acquire The Athletic in an all-cash deal valuing the sports media startup at $550 million, the company said Thursday.

Why it matters: It's a huge victory for The Athletic, which had been shopping a deal for months. The subscription-based sports media company was under pressure to sell in light of how much cash it's lost over the past two years.

Jan 6, 2022 - Technology

Report: Illicit activity actually a tiny part of cryptocurrency use

Expand chart
Data: Chainalysis 2022 Crypto Crimes Trends Report; Chart: Baidi Wang/Axios

Illicit activities like cybercrime, money laundering and terrorist financing made up only 0.15% of all crypto transactions conducted in 2021, according to a new report from Chainalysis, a blockchain data platform.

Why it matters: This is a sign of crypto's growing mainstream popularity — and a rebuke to critics who say digital currency is mainly for criminals.

Thousands without power as "hazardous" winter storm lashes East Coast

Winter view from Charlotte as winter storm Izzy creates dangerous conditions in Charlotte, N.C. on Jan. 16. Photo: Peter Zay/Anadolu Agency via Getty Images

A major winter storm was lashing much of the East Coast on Sunday, causing widespread power outages and disrupting travel over the holiday weekend.

The big picture: Heavy snow and ice accumulations are "likely to produce hazardous travel," downed trees and more power outages from the Mid-South to the Northeast, per the National Weather Service. Some parts of the U.S. can expect to see up to a foot of snow through Monday.