Payward Expands Enterprise Infrastructure with Magic Labs Wallet Acquisition
Payward, the parent company of Kraken, has made another significant move in its expansion strategy. The company has signed an agreement to acquire Magic Labs' embedded wallet business, adding non-custodial wallet infrastructure to its enterprise platform. This acquisition will bring Magic Labs' wallet technology into Payward Services, providing a range of services including crypto trading, custody, tokenized assets, fiat on and off-ramps, derivatives, and now embedded wallets.
The Magic Labs' wallet platform has powered more than 60 million wallets and processed over $10 billion in stablecoin volume across more than 200,000 developers. Payward plans to integrate these capabilities into its enterprise infrastructure offering, extending its services to institutional and business clients. According to Mark Greenberg, Chief Commercial Officer of Payward, 'embedded wallets are becoming an increasingly important component of on-chain applications.'
The acquisition is part of Payward's strategy to broaden its enterprise infrastructure platform by bringing complementary services under one ecosystem. This move continues the company's pattern of consolidation and expansion into new areas, including its recent acquisitions of Reap, Bitnomial, and NinjaTrader.