Kraken Parent Payward Buys Magic Labs Wallet Business Powering 60 Million Users

TLDR

• Payward, Kraken’s parent company, agreed to acquire Magic Labs’ wallet-as-a-service business on July 27, 2026
• Magic Labs’ infrastructure has powered over 60 million non-custodial wallets and $10 billion in stablecoin transactions
• The deal adds embedded wallet technology to Payward’s B2B platform, Payward Services
• Magic Labs has rebranded as Newton Labs and will stay independent, focusing on Newton Protocol
• Existing wallet customers will move to Payward Services starting August 1, with no action required

Payward, the parent company of crypto exchange Kraken, has agreed to acquire the wallet-as-a-service business of Magic Labs. The deal, announced July 27, is structured as an asset purchase and covers Magic’s embedded wallet infrastructure rather than the entire company.

Kraken 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 will become Newton Labs and focus on… pic.twitter.com/4958cDTUXY

… Continue reading the full article at the original source below.