Payward Expands Reach with Magic Labs Wallet Acquisition

Kraken parent company Payward has made another major acquisition in the crypto space. On July 27, 2026, Payward agreed to buy Magic Labs' wallet-as-a-service business.

The deal adds embedded wallet technology to Payward's B2B platform, Payward Services. This means that business clients can now offer self-custody wallets directly inside their own applications, eliminating the need for separate third-party wallet providers.

Magic Labs' infrastructure has powered over 60 million non-custodial wallets and processed more than $10 billion in stablecoin volume since its launch in 2018. The company will rebrand as Newton Labs and focus on Newton Protocol, which aims to check transactions for security, identity, compliance, and risk before they settle on-chain.