Payward Expands into Wallets with Magic Acquisition

Payward, the parent company of Kraken, has announced that it will be acquiring Magic Labs' wallet-as-a-service business. This acquisition is expected to close within several weeks and will add infrastructure that has powered over 60 million wallets.

The acquired technology includes a trusted execution environment-based signing system, an embedded integration layer, and a developer software development kit. Payward plans to integrate this technology into its B2B platform, Payward Services, which provides trading, custody, tokenized assets, derivatives, and fiat-to-crypto payment services.

The deal covers Magic's embedded, non-custodial wallet infrastructure rather than the entire company. Magic Labs has rebranded as Newton Labs and will remain independent while concentrating on Newton Protocol, its policy and authorization system for onchain transactions.