Payward Acquires Magic Labs' Wallet Infrastructure Behind 60M Wallets

Payward, the parent company of crypto exchange Kraken, agreed yesterday (July 27) to acquire Magic Labs' wallet infrastructure business, adding embedded, non-custodial wallet technology to its B2B services platform. According to the official announcement, Magic's technology has powered over 60 million wallets and processed more than $10 billion in stablecoin volume, with more than 200,000 developers using its products. The acquisition, expected to close within weeks, will allow Payward to integrate wallet software directly into its services, enabling corporate clients to offer self-custody products alongside trading and settlement services through a single platform.
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