Payward Bolsters Wallet Infrastructure with Magic Labs Acquisition

Payward, the parent company of cryptocurrency exchange Kraken, has expanded its wallet infrastructure by acquiring Magic Labs' embedded wallet business.

The deal allows Payward to provide developers with another tool for adding crypto access directly into applications without requiring users to manage separate wallet tools.

Magic Labs, which will rebrand as Newton Labs, has built more than 60 million wallets since its founding in 2018 and supports over 200,000 developers worldwide.

Newton Labs will focus on the Newton Protocol, an authorization layer for onchain finance, while Payward's wallet business, now part of Payward Services, will prioritize customer support and product continuity.