Payward Acquires Magic Labs' Embedded Wallet Business Amidst String of Crypto M&A Deals

Payward, the parent company of Kraken, has made its latest acquisition in the crypto space by purchasing Magic Labs' embedded wallet business. This deal adds to Payward's already impressive list of acquisitions this year, which includes Backed Finance, Magna, and a $550M purchase of Bitnomial.

Magic Labs will be rebranding as Newton Labs and shifting its focus towards on-chain finance infrastructure, including chain unification protocols and AI-driven asset management tools. The company is currently developing the Newton protocol, which aims to tackle liquidity fragmentation across dozens of networks.

This acquisition marks another significant move by Payward in its efforts to vertically integrate its services. With Magic Labs' embedded wallet technology on board, Payward's capabilities now include regulated derivatives infrastructure from Bitnomial, tokenized real-world assets from Backed Finance, and token management and vesting tools from Magna.