Payward Bolsters Onchain Infrastructure with Magic Labs Acquisition

Payward, the parent company of crypto exchange Kraken, has made a strategic move by acquiring Magic Labs' wallet-as-a-service business. This acquisition aims to expand Payward's onchain infrastructure capabilities as demand for blockchain-based financial products continues to grow.

The integration of Magic Labs' non-custodial wallet technology into Payward Services will enable businesses to create digital assets without relying on multiple external suppliers. The acquisition is expected to conclude within the coming weeks, pending customary closing requirements.

Mark Greenberg, CCO at Payward, stated that embedded wallets are becoming foundational infrastructure for every on-chain product. This technology will allow Payward to weave together its exchanges, custody, and wallet solutions to create a unified platform.