Kraken Parent Firm Acquires Wallet Tech Behind 60M+ Accounts

Payward, the parent company of crypto exchange Kraken, has announced its acquisition of Magic Labs' wallet-as-a-service business.

The deal adds technology used to create over 60 million wallets to Payward's expanding enterprise product suite, and brings in the expertise of more than 200,000 developers who have used Magic's products.

Magic's $10 billion volume is a significant addition to Payward Services' infrastructure platform, which provides corporate clients with a single connection to crypto trading, custody, tokenized assets, derivatives, and services for moving funds between traditional currencies and digital assets.

Payward Chief Commercial Officer Mark Greenberg said that embedded wallets are becoming foundational infrastructure for every onchain product, and that the deal will allow Payward to offer exchange, custody and wallet technology through one integrated system.