Payward Acquires Magic Labs' Embedded Wallet Business Amid Restructuring
Payward, the parent company of Kraken cryptocurrency exchange, is acquiring Magic Labs' embedded wallet business in an asset sale. The deal marks a restructuring move for Magic Labs, which will now operate as Newton Labs and focus exclusively on building the Newton Protocol, an authorization layer for onchain finance.
The embedded wallet unit being sold by Magic Labs supports over 200,000 developers across consumer and institutional applications, having created more than 60 million wallets. The deal with Payward adds to a string of infrastructure-focused acquisitions made by the Kraken parent company in recent months.
Newton Labs CEO Sean Li stated that the transition will allow the team 'to put our full energy behind Newton, the authorization layer for onchain finance.' He added that the wallet business would move to a team focused on customer service. The acquisition is the latest development in Payward's consolidation strategy around trading, derivatives, and embedded wallet infrastructure.