Payward Buys Magic Labs Wallet Business as Magic Rebrands as Newton

Magic Labs is selling its embedded wallet business to Payward, the parent company of Kraken. The deal will transfer wallet operations to Payward Services after closing.

The move positions Magic Labs as Newton Labs, focusing on developing the Newton Protocol for onchain finance infrastructure. This protocol applies compliance, security, identity, and risk controls before blockchain transactions reach settlement.

Newton Labs has already launched the mainnet beta of the Newton Protocol in June 2023 and plans to expand it across stablecoins, tokenized real-world assets, and agentic finance applications.