Kraken Parent Payward Expands Web3 Services via Magic Labs Wallet Acquisition

Payward, the parent company of cryptocurrency exchange Kraken, has expanded its Web3 services through an asset acquisition deal with Magic Labs.

The acquired business unit is Magic Labs' embedded wallet technology, which has supported over 60 million digital wallets and enables more than 200,000 developers to incorporate frictionless custody features into applications since its founding in 2018.

As part of the agreement, Magic Labs will restructure under the Newton Labs brand and focus on developing the Newton Protocol authorization layer, while Payward Services will take over serving users of the wallet infrastructure.