Payward to Acquire Magic Labs Wallet-As-A-Service Business

Payward, the parent company of cryptocurrency exchange Kraken, is set to acquire Magic Labs' wallet-as-a-service business.

The deal will enable Payward to integrate Magic Labs' non-custodial wallet technology into its enterprise platform, Payward Services. This platform supports various services such as cryptocurrency trading, custody, tokenized assets, and fiat on- and off-ramps for corporate clients.

With this integration, companies will be able to provide self-custody wallets within their own services without relying on external wallet providers. This move is expected to enable corporate clients to use a broader blockchain infrastructure through a single integration.