Kraken Parent Payward Buys Magic Labs Wallet Business Handling $10 Billion In Volume
Payward, the infrastructure company behind cryptocurrency exchange Kraken, acquired Magic Labs' embedded wallet business through an asset purchase. The unit powers software that has processed more than 60 million wallets, $10 billion in stablecoin volume and serves more than 200,000 developers.
Payward will integrate the business into its Payward Services division to expand its business-to-business crypto offering. Magic Labs, which raised more than $80 million including a $52 million round led by PayPal Ventures in 2023, will rebrand as Newton Labs and focus on the Newton Protocol.
From the sources (3 posts)
@coindeskLATEST: Payward, the infrastructure company behind Kraken, is acquiring Magic Labs' wallet infrastructure business to expand its B2B offering with embedded, non-custodial wallets. Magic's wallet platform has powered more than 60 million wa
@theblockcoKraken parent Payward acquires Magic Labs' embedded wallet business
@wublockchainKraken Parent Acquires Magic Labs’ Embedded Wallet Business According to The Block, Kraken parent Payward acquired Magic Labs’ embedded wallet business through an asset purchase. The business will move to Payward Services, while Magic Labs