Payward Acquires Magic Labs Wallet Operations, Redirects Focus to Onchain Finance

Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs' embedded wallet operations. The acquisition was finalized as part of a strategic divestiture that enables Magic Labs to redirect its focus toward building onchain finance infrastructure. As a result, Magic Labs will undergo a complete transformation into Newton Labs.

Newton Labs will dedicate all resources to advancing the Newton Protocol for onchain financial services. This protocol implements compliance verification, security measures, identity authentication, and risk assessment before blockchain transactions finalize on-chain. The company plans to extend protocol functionality into stablecoins, tokenized real-world assets, and autonomous finance platforms.

The deal marks another significant acquisition in Payward's aggressive expansion campaign this year. In addition to the Magic Labs acquisition, Payward has finalized its purchase of Bitnomial for $550 million and announced plans to acquire Reap Technologies for approximately $600 million.