Payward Acquires Magic Labs Wallet Business with 60M Users

Payward, the company behind the cryptocurrency exchange Kraken, has reached an agreement to purchase the wallet-as-a-service division of Magic Labs. This acquisition will integrate non-custodial wallet technology, which serves over 60 million users, into Payward's enterprise infrastructure. The financial details of the transaction remain undisclosed, but it is anticipated to finalize in the next few weeks, pending standard conditions. Magic Labs' wallet technology, utilized by over 200,000 developers globally, has enabled the creation of more than 60 million wallets and facilitated over $10 billion in stablecoin transactions. Post-sale, Magic Labs will concentrate on Newton, a platform for onchain finance, now operating as Newton Labs. Payward has also recently acquired Reap, a payments infrastructure firm, and Magna, a token management platform, positioning itself to capitalize on the growing institutional adoption of blockchain technology.