Kraken parent buys Magic Labs wallet business
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- Payward, the parent company of Kraken, is buying Magic Labs' wallet business.
- The deal adds embedded crypto wallet technology to Payward Services.
- The companies did not disclose the purchase price.
Payward, the parent company of Kraken, is buying the wallet business of Magic Labs to expand its blockchain services.
The companies said Magic Labs' wallet technology will become part of Payward Services, while the purchase price was not disclosed.
The companies said the technology lets businesses add self-custodied crypto wallets directly to their apps.
Magic Labs said it has created more than 60 million wallets for over 200,000 developers and processed more than US$10 billion in stablecoin transactions.
Magic Labs said it will become Newton Labs after the deal closes and focus on building Newton Protocol for onchain finance.
The companies expect the transaction to close in the coming weeks, subject to standard closing conditions.