Payward, the parent company of crypto exchange Kraken, has agreed to acquire Magic Labs’ wallet-as-a-service business. This acquisition will allow Payward to integrate Magic Labs’ non-custodial wallet technology into its B2B platform Payward Services, which offers crypto trading, custody, tokenized assets and fiat on- and off-ramps. Magic Labs has created over 60 million non-custodial wallets for more than 200,000 developers and has facilitated over $10 billion in stablecoin transactions. The transaction is expected 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.
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