Kraken parent Payward acquires Magic Labs’ wallet business
Payward, Kraken’s parent company, agreed to buy Magic Labs’ wallet-as-a-service business to expand its enterprise crypto infrastructure. The deal will add Magic Labs’ non-custodial, embedded wallet technology to Payward Services, its B2B platform for trading, custody, tokenized assets, and fiat on- and off-ramps. This lets businesses offer self-custodied wallets inside their own apps through one integration, reducing reliance on third-party wallet providers. Financial terms were not disclosed. Magic Labs says its infrastructure has powered over 60 million non-custodial wallets for more than 200,000 developers and supported over $10 billion in stablecoin transactions. The transaction is expected to close in the coming weeks, pending standard conditions. Magic Labs will shift focus to Newton, a platform for securely authorizing and verifying onchain transactions.
