Payward Expands B2B Platform with Magic Labs Wallet Acquisition

Payward, the parent company of cryptocurrency exchange Kraken, has acquired Magic Labs' embedded wallet business. The deal was announced on July 27 and covers an asset purchase of Magic's infrastructure, which powers over 60 million non-custodial wallets.

The acquisition adds embedded wallet technology to Payward Services, a B2B platform that already offers trading, custody, tokenized assets, derivatives, and fiat-to-crypto payments. This means business clients can now offer self-custody wallets directly inside their own applications, without relying on separate third-party providers.

Magic Labs' technical stack includes a trusted execution environment signing system, an embedded integration layer, and a developer SDK. The company has rebranded as Newton Labs and will remain independent, focusing on its Newton Protocol. Existing customers will move to Payward Services starting August 1.