Kraken Parent Expands Enterprise Offering with Magic Labs Wallet Acquisition

Payward, the parent company of crypto exchange Kraken, has made a significant move in the blockchain infrastructure space by acquiring Magic Labs' wallet business. This acquisition will allow Payward to integrate non-custodial wallet technology into its business-to-business platform for crypto trading and other services.

The addition of embedded wallets will enable businesses to offer self-custodied wallets directly within their applications, reducing reliance on third-party providers. This is expected to give clients a broader suite of blockchain infrastructure through a single integration.

Magic Labs' wallet technology has been used to create over 60 million non-custodial wallets for more than 200,000 developers and has facilitated over $10 billion in stablecoin transactions. Following the sale, Magic Labs will focus on Newton, a platform that helps users securely authorize and verify onchain transactions without relying on centralized intermediaries.