Kraken Parent Payward Acquires Embedded Wallet Tech from Magic Labs

Kraken's parent company Payward has acquired Magic Labs' embedded wallet business unit to expand its enterprise infrastructure. The acquisition is structured as an asset purchase, with Payward planning to integrate Magic Labs' non-custodial wallet technology into its B2B platform, Payward Services.

Payward Services provides enterprise infrastructure including cryptocurrency trading, custody, tokenized assets, and fiat on/off-ramps. Magic Labs' wallet infrastructure has been used by over 200,000 developers, resulting in the creation of more than 60 million non-custodial wallets.

The stablecoin transaction volume processed through these wallets has exceeded $10 billion (approximately 14.6 trillion won). Payward's decision to acquire Magic Labs is seen as a strategy to build an environment where corporate clients can custody assets directly within their own applications without relying on separate external wallet providers.