Magic Labs has sold its wallet business to Payward

Magic Labs has agreed to sell its embedded wallet business to Kraken’s parent company, Payward.

The deal will be closed in the coming weeks, subject to customary closing conditions. No figure was mentioned; however, Magic Labs’ CEO Sean Li said the acquisition will be through an asset sale.

Magic Labs’ wallet business in question has created over 60 million wallets and is used by popular names like Polymarket and WalletConnect.

The business will operate independently of Payward, although customers will be serviced by Payward, starting August 1st, according to Li.

Payward plans to integrate the wallet technology to expand its Payward Services’ product suite.

Magic Labs said it’s parting with the wallet business to focus on Newton Protocol, its authorization layer for on-chain finance.

“This transition allows us to put our full energy behind Newton, the authorization layer for onchain finance, while the wallet business moves to a team committed to serving our customers,” said Li.

As part of the transition, the company is rebranded to Newton Labs.

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