Payward Acquires Magic Labs' Wallet Infrastructure Supporting 60M Users

Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs' wallet-as-a-service operations for an undisclosed price. The deal, announced on July 27, 2026, will see Magic Labs' infrastructure supporting over 60 million self-custody wallets transition to Payward's enterprise-focused platform.

The acquired infrastructure has facilitated $10 billion in stablecoin activity and supports more than 200,000 developers. By integrating this technology into its own services, Payward aims to provide embedded wallet capabilities directly within clients' proprietary applications.

Existing Magic customers will transition to Payward-managed services beginning August 1, with no manual intervention required. This move is seen as a strategic expansion of Payward's enterprise offerings and positions the company across multiple cryptocurrency sectors.