Payward buys Magic Labs’ wallet unit to add embedded self-custody tools
The acquisition will allow enterprise partners to access a unified onchain infrastructure stack covering exchanges, custody and wallets.
Payward, the parent company of Kraken, has agreed to acquire Magic Labs’ wallet-as-a-service division to strengthen its embedded wallet infrastructure for onchain applications, according to a Monday press release.
The San Francisco-based web3 infrastructure provider has supported more than 60 million wallets and facilitated over $10 billion in stablecoin volume, helping developers build blockchain applications at scale by providing APIs and SDKs for wallet creation, user authentication, transaction signing and onchain automation.
Following the acquisition, Magic’s technology will be incorporated into Payward Services, enabling partners to build self-custody financial products through a single provider.
Payward said the expansion reflects growing demand for embedded wallet infrastructure as businesses develop blockchain-based financial products requiring integrated trading, custody and settlement solutions.