Magic Labs Sells Wallet Business to Kraken Parent and Rebrands as Newton Labs

TLDR

• Magic Labs sells embedded wallet business to Kraken parent Payward

• Magic Labs rebrands as Newton Labs with onchain finance focus

• Wallet customers will transition to Payward Services after closing

• Newton Protocol targets compliance and security before settlement

• Payward expands crypto platform through another strategic acquisition

Magic Labs has agreed to sell its embedded wallet business to Payward, the parent company of cryptocurrency exchange Kraken. The asset sale will transfer wallet operations to Payward Services while Magic Labs rebrands as Newton Labs. The move shifts Magic Labs toward onchain finance infrastructure and expands Payward’s growing digital asset platform.

Magic Labs exits wallet business and shifts to Newton Protocol

The transaction follows an asset sale structure rather than a corporate merger. Both companies will continue operating as separate and independent businesses. Existing wallet customers will transition to Payward Services after the deal closes.

Since launching in 2018, Magic Labs has created more than 60 million embedded wallets. The company also supports more than 200,000 developers across consumer and institutional applications. These products helped establish Magic Labs as a major provider of embedded wallet infrastructure.

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