Kraken Parent Acquires Magic Labs WaaS Unit for Enhanced Enterprise Services

Kraken's parent company Payward is expanding its services through an acquisition. The company is purchasing Magic Labs' Wallet-as-a-Service unit, as reported by Cointelegraph on July 27.

The transaction details are not disclosed, but the deal is expected to close within weeks after customary closing procedures. This integration will bring non-custodial wallet technology into Payward's enterprise platform, Payward Services.

The Payward Services platform provides infrastructure services for businesses, including cryptocurrency trading and custody, tokenized assets, and fiat on- and off-ramps.