Payward Bolsters Blockchain Infrastructure with Magic Labs Acquisition

Payward, the parent company of crypto exchange Kraken, has expanded its enterprise blockchain infrastructure capabilities through the acquisition of Magic Labs' wallet-as-a-service business.

The deal will integrate non-custodial wallet technology into Payward Services, a B2B platform supporting crypto trading, custody, tokenized assets, derivatives, and payment solutions. This move represents the company's intention to build an interconnected platform allowing businesses to create digital assets without reliance on outside suppliers.

Payward aims to provide partners with a full in-app solution for building their own blockchain with self-custody through their application, incorporating embedded wallet services that can be integrated directly within the company's platform. This feature has become increasingly important with the advent of new fintech, game, payment, and tokenized asset businesses.

Mark Greenberg, CCO at Payward, stated that embedded wallets are becoming foundational infrastructure for every on-chain product, allowing the company to weave together its exchanges, custody, and wallet solutions to create one unified platform. Magic Labs' technology has powered over 60 million non-custodial wallets, supporting over 200,000 developers, and managing over $10 billion worth of stablecoin transactions.