Payward Snaps Up Magic Labs' Wallet Business for Enterprise Expansion

Payward, the parent company of crypto exchange Kraken, has acquired Magic Labs' wallet business in a move to expand its enterprise infrastructure offering. This acquisition allows Payward to integrate non-custodial wallet technology into its Payward Services platform for businesses.

The deal brings wallet technology to Payward's enterprise platform, potentially reducing the number of infrastructure providers businesses need to integrate with. Magic Labs' wallet-as-a-service business has been used to create over 60 million non-custodial wallets for more than 200,000 developers and has facilitated more than $10 billion in stablecoin transactions.

The addition of embedded wallets will enable businesses to offer self-custodied wallets directly within their applications instead of relying on third-party wallet providers. This gives business clients a broader suite of blockchain infrastructure through a single integration.