Payward, the parent company of crypto exchange Kraken, has agreed to acquire the wallet-as-a-service business of Magic Labs, expanding its enterprise infrastructure offering as demand for onchain financial services continues to grow.<\/p>\n
Payward said Monday the acquisition will allow it to integrate Magic Labs\u2019 non-custodial wallet technology into Payward Services, its business-to-business platform for crypto trading, custody, tokenized assets and fiat on- and off-ramps. Financial terms of the deal were not disclosed.<\/p>\n
The addition of embedded wallets allows businesses to offer self-custodied wallets directly within their applications instead of relying on third-party wallet providers, giving business clients a broader suite of blockchain infrastructure through a single integration.<\/p>\n
Magic Labs said its infrastructure has been used to create more than 60 million non-custodial wallets for over 200,000 developers and has facilitated more than $10 billion in stablecoin transactions. <\/p>\n
The companies expect the transaction to close in the coming weeks, subject to customary closing conditions.<\/p>\n
Following the sale, Magic Labs said it will focus on Newton, a platform that helps users and applications securely authorize and verify onchain transactions without relying on centralized intermediaries.<\/p>\n
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