Acquisition adds 60 million non-custodial wallets and $10 billion in stablecoin volume to Payward’s enterprise platform.
Payward, owner of crypto exchange Kraken, has agreed to acquire Magic Labs’ wallet-as-a-service business. The deal integrates non-custodial wallet technology into Payward’s enterprise platform, reducing infrastructure providers for business clients.
Magic Labs’ wallet infrastructure has powered over 60 million non-custodial wallets and processed $10 billion in stablecoin transactions. The acquisition aims to streamline blockchain services for businesses, offering self-custodied wallets within applications.
The transaction is expected to close in the coming weeks, pending customary conditions. Magic Labs will shift focus to its Newton platform post-sale.