Payward to Buy Magic Labs’ Wallet-as-a-Service Unit
Payward, Kraken’s parent, will acquire Magic Labs’ wallet-as-a-service unit, adding non-custodial wallet technology to its Payward Services enterprise platform.
Payward announced Monday it will acquire Magic Labs’ wallet-as-a-service business and fold the company’s non-custodial wallet technology into Payward Services, its enterprise platform for trading, custody, tokenized assets and fiat on- and off-ramps.
Financial terms were not disclosed. The companies expect the transaction to close in the coming weeks, subject to customary closing conditions.
The acquisition will embed self-custody wallet capabilities into Payward Services, allowing client firms to offer non-custodial wallets inside their own applications instead of routing users to external wallet providers.
Payward expects the integration to reduce the number of separate infrastructure providers firms must connect with to launch onchain products and services.
Magic Labs reported its infrastructure has created more than 60 million non-custodial wallets for over 200,000 developers and processed more than $10 billion in stablecoin transactions.
Following the sale, Magic Labs will continue operating and reallocate remaining resources to Newton, a platform that helps users and applications authorize and verify onchain transactions without relying on centralized intermediaries.
The deal adds wallet-as-a-service to Payward Services’ existing suite of enterprise offerings, providing businesses a single integration for trading, custody, tokenization and fiat rails alongside embedded wallet infrastructure.
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