Kraken parent buys wallet business powering 60 million users

Kraken parent Payward entered a definitive agreement on July 27 to acquire Magic Labs’ wallet-as-a-service business through an asset purchase. Summary Payward will acquire Magic Labs’ wallet business, adding infrastructure that has powered 60 million wallets. The wallet platform processed over $10 billion in stablecoin volume for more than 200,000 developers. Newton Labs will focus on pre-settlement policy checks after the transaction closes in coming weeks. The financial terms were not disclosed, and the companies expect the transaction to close within several weeks, subject to customary closing conditions. 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 authorisation system for onchain transactions. Payward adds embedded wallets to its B2B platform Payward plans to integrate Magic’s technology into Payward Services, its infrastructure platform for banks, fintech companies, exchanges and onchain applications. The existing platform provides trading, custody, tokenised assets, derivatives and fiat-to-crypto p...