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Kraken Parent Buys Magic Labs Wallet Business

Guavy AI Editorial Team
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Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs' wallet business. This deal will add embedded crypto wallet technology to Payward Services.

The companies did not disclose the purchase price, but stated that Magic Labs' wallet technology will become part of Payward Services. This means businesses can now easily integrate self-custodied crypto wallets directly into their apps.

Magic Labs has created over 60 million wallets for more than 200,000 developers and processed over US$10 billion in stablecoin transactions. Following the deal, Magic Labs will become Newton Labs and focus on building Newton Protocol for onchain finance.

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