Magic Labs Sells Embedded Wallet Business to Kraken Parent

Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs’ embedded wallet business through an asset purchase, according to a report by The Block. Financial terms of the transaction were not disclosed. 

As part of the deal, the acquired business will operate under Payward Services. Magic Labs, meanwhile, will rebrand as Newton Labs and shift its focus to developing Newton Protocol. 

Magic Labs has raised more than $80 million from investors since its founding. In 2023, the company secured a $52 million funding round led by PayPal Ventures, marking its largest capital raise to date.

Source: The Block