Kraken parent Payward acquires Magic Labs’ wallet business

cointelegraphPublicado em 2026-07-27Última atualização em 2026-07-27

Resumo

Payward, parent company of crypto exchange Kraken, has agreed to acquire the wallet-as-a-service business of Magic Labs. The deal will integrate Magic Labs' non-custodial wallet technology into Payward's B2B platform, Payward Services, expanding its enterprise infrastructure offering. This embedded wallet solution allows businesses to offer self-custodied wallets directly within their applications. Magic Labs' infrastructure has been used to create over 60 million wallets for more than 200,000 developers and facilitated over $10 billion in stablecoin transactions. The acquisition, with undisclosed financial terms, is expected to close in the coming weeks. Post-sale, Magic Labs will focus on its Newton platform for secure onchain transaction authorization.

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.

Payward said Monday the acquisition will allow it to integrate Magic Labs’ 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.

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.

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.

The companies expect the transaction to close in the coming weeks, subject to customary closing conditions.

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.

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Perguntas relacionadas

QWho is acquiring Magic Labs' wallet business and what is the parent company of this acquiring entity?

APayward, the parent company of the Kraken cryptocurrency exchange, is acquiring Magic Labs' wallet-as-a-service business.

QWhat technology will Payward integrate into its Payward Services platform as a result of this acquisition?

APayward will integrate Magic Labs' non-custodial wallet technology into its Payward Services platform.

QWhat is the primary benefit for businesses that embedded wallets provide, as mentioned in the article?

AEmbedded wallets allow businesses to offer self-custodied wallets directly within their applications, eliminating the need to rely on third-party wallet providers and providing a broader blockchain infrastructure suite through a single integration.

QWhat are some key usage statistics for Magic Labs' infrastructure provided in the article?

AMagic Labs' infrastructure has been used to create over 60 million non-custodial wallets for more than 200,000 developers and has facilitated over $10 billion in stablecoin transactions.

QWhat will Magic Labs focus on following the sale of its wallet business?

AFollowing the sale, Magic Labs will focus on Newton, a platform that helps users and applications securely authorize and verify onchain transactions without centralized intermediaries.

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