Payward, the parent company of crypto exchange Kraken, has acquired Magic Labs’ embedded wallet business, adding over 50 million wallet creations to its infrastructure. Magic Labs, which previously raised $52 million in a round led by PayPal Ventures, is rebranding as Newton Labs to focus on onchain finance infrastructure, including cross-chain unification protocols and AI-driven asset management tools. This acquisition is part of a vertical integration strategy that already includes the purchases of Backed Finance, Magna, and Bitnomial for $550 million. Newton Labs has announced a collaboration with Polygon’s AggLayer for its cross-chain strategy. The financial terms of the deal have not been disclosed.
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