Kraken Parent Payward Expands Web3 Push With Acquisition of Magic Labs’ Wallet Business
TL;DR:
- Payward agrees to acquire Magic Labs’ embedded wallet business through an asset sale deal.
- Magic Labs has accumulated over 60 million created wallets and support for 200,000 developers since its founding in 2018.
- The selling firm restructures under the Newton Labs brand to focus on the development of the Newton Protocol authorization layer.
Payward, parent company of cryptocurrency exchange Kraken, has reached a definitive agreement to acquire Magic Labs’ embedded wallet business unit. Through this asset transaction, the firm consolidates its Payward Services infrastructure focused on Web3 services for developers and institutional clients.
Restructuring of Magic Labs toward Newton Protocol
According to the terms of the operation, Magic Labs and Payward will remain separate legal entities. Users of the wallet infrastructure will transition to being served by Payward Services, while the remaining structure of Magic Labs will operate commercially under the name Newton Labs.
Since its inception in 2018, Magic Labs’ embedded wallet technology has supported the issuance of more than 60 million digital wallets. The acquired division constitutes the technical core that enables more than 200,000 developers to incorporate frictionless custody features into consumer and institutional applications.
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