Payward Buys Magic Wallet Tech for Enterprise Crypto Expansion

Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs' wallet-as-a-service business for an undisclosed sum. The deal will add the technology behind more than 60 million wallets to Payward's expanding enterprise product suite.

The acquisition includes Magic's $10 billion volume and 200,000 developers, who could deepen Payward's reach into the enterprise crypto space. Once complete, Payward plans to integrate Magic's technology directly into its business-to-business infrastructure platform, Payward Services.

Payward Chief Commercial Officer Mark Greenberg said that embedded wallets are becoming 'foundational infrastructure for every onchain product.' The deal will allow Payward to offer exchange, custody, and wallet technology through one integrated system.