{"id":24414,"date":"2026-07-29T01:51:32","date_gmt":"2026-07-29T01:51:32","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2026\/07\/29\/kraken-parent-payward-acquires-magic-labs-wallet-business-powering-60-million-users-nft-plazas\/"},"modified":"2026-07-29T01:51:32","modified_gmt":"2026-07-29T01:51:32","slug":"kraken-parent-payward-acquires-magic-labs-wallet-business-powering-60-million-users-nft-plazas","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2026\/07\/29\/kraken-parent-payward-acquires-magic-labs-wallet-business-powering-60-million-users-nft-plazas\/","title":{"rendered":"Kraken Parent Payward Acquires Magic Labs Wallet Business Powering 60 Million Users – NFT Plazas"},"content":{"rendered":"

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Payward, the parent company of cryptocurrency exchange <\/b>Kraken<\/b><\/a>, has agreed to acquire the wallet-as-a-service business of Magic Labs, adding embedded non-custodial wallet technology used by more than 60 million users to its expanding enterprise infrastructure platform.<\/b><\/p>\n

Financial terms of the transaction were not disclosed. <\/span>The companies said<\/span><\/a> the acquisition is expected to close in the coming weeks, subject to customary closing conditions. Once completed, Magic Labs\u2019 wallet technology will become part of <\/span>Payward Services<\/b>, the company\u2019s business-to-business platform for crypto trading, custody, tokenized assets, derivatives, and fiat on- and off-ramps.<\/span><\/p>\n

The deal underscores Payward\u2019s strategy of evolving beyond a cryptocurrency exchange into a broader provider of digital asset infrastructure as demand for enterprise blockchain services continues to grow.<\/span><\/p>\n

Kraken Parent Payward Acquires Magic Labs Wallet Business Powering 60 Million Users<\/span><\/i><\/p>\n

Expanding Enterprise Blockchain Infrastructure<\/b><\/h2>\n

The acquisition will allow Payward to integrate Magic Labs\u2019 embedded wallet technology directly into its enterprise platform, giving business customers access to self-custodial wallets alongside other digital asset services through a single provider.<\/span><\/p>\n

Embedded wallets enable businesses to build non-custodial crypto wallets directly into their applications without requiring users to install separate wallet software or depend on third-party providers. The technology simplifies onboarding while allowing users to retain control of their private keys and digital assets.<\/span><\/p>\n

For enterprises building blockchain-based products, integrating wallet infrastructure alongside trading, custody, payments, and settlement services can significantly reduce development complexity and shorten deployment timelines.<\/span><\/p>\n

As tokenized assets, stablecoins, and decentralized finance continue gaining traction, demand for integrated blockchain infrastructure has increased among financial institutions, fintech companies, and developers seeking enterprise-ready solutions.<\/span><\/p>\n

Wallet Platform Powers More Than 60 Million Accounts<\/b><\/h2>\n

Magic Labs<\/span><\/a> has become one of the leading providers of embedded wallet infrastructure in the Web3 ecosystem.<\/span><\/p>\n

According to the company, its technology has been used to create <\/span>more than 60 million non-custodial wallets<\/b> for applications built by <\/span>over 200,000 developers<\/b> worldwide. The infrastructure has also facilitated <\/span>more than $10 billion in stablecoin transactions<\/b>, highlighting its growing role in supporting blockchain-based financial services.<\/span><\/p>\n

Its platform provides software development kits (SDKs), embedded wallet integrations, and security features that allow businesses to deploy scalable wallet infrastructure without building it from scratch.<\/span><\/p>\n

By incorporating these capabilities into Payward Services, enterprise customers will gain access to a broader suite of blockchain infrastructure through a single integration.<\/span><\/p>\n

A Growing Shift Toward Full-Stack Crypto Platforms<\/b><\/h2>\n

The transaction reflects a wider industry trend as digital asset companies expand beyond traditional exchange services.<\/span><\/p>\n

Rather than focusing solely on trading, major crypto firms are increasingly building comprehensive platforms that combine custody, payments, tokenization, compliance, and wallet infrastructure under one ecosystem.<\/span><\/p>\n

For businesses, working with a single infrastructure provider can simplify technical integration, reduce operational costs, and improve the user experience for blockchain applications.<\/span><\/p>\n

Embedded wallets have become particularly valuable because they remove many of the barriers associated with traditional crypto onboarding. Instead of requiring users to download external wallet applications or manually manage complex wallet setups, developers can integrate secure wallet functionality directly into their own products.<\/span><\/p>\n

That approach has become increasingly important as blockchain applications target mainstream users rather than experienced cryptocurrency participants.<\/span><\/p>\n

Magic Labs to Focus on Newton<\/b><\/h2>\n

Following the sale, Magic Labs will shift its attention to <\/span>Newton<\/b>, an authorization platform designed to improve security and trust in onchain finance.<\/span><\/p>\n

Operating as <\/span>Newton Labs<\/b>, the company will focus on technology that helps users and applications securely authorize and verify blockchain transactions without relying on centralized intermediaries.<\/span><\/p>\n

Rather than continuing to develop wallet infrastructure, Newton Labs plans to build authorization systems that enable applications to enforce identity, compliance, security, and transaction policies before onchain transactions are executed.<\/span><\/p>\n

The move allows the company to concentrate on its next phase of product development while Payward assumes responsibility for the mature wallet infrastructure business.<\/span><\/p>\n

Latest Move in Payward\u2019s Expansion Strategy<\/b><\/h2>\n

The Magic Labs acquisition adds another piece to Payward\u2019s broader expansion strategy.<\/span><\/p>\n

In recent years, the company has pursued acquisitions aimed at building a comprehensive digital asset infrastructure platform serving institutions, fintech firms, and enterprise customers. Earlier this year, Payward completed its acquisition of payments infrastructure company <\/span>Reap<\/b>, strengthening its stablecoin payment capabilities. It also acquired token management platform <\/span>Magna<\/b>, expanding its services for token issuance, vesting, and distribution.<\/span><\/p>\n

Adding embedded wallet technology further broadens Payward\u2019s offering and positions the company to benefit from increasing institutional adoption of blockchain technology.<\/span><\/p>\n

Industry analysts expect enterprise infrastructure to become one of the fastest-growing segments of the digital asset market as businesses continue exploring tokenization, stablecoin payments, and blockchain-based financial services.<\/span><\/p>\n

By acquiring a platform already powering tens of millions of wallets, Payward gains proven technology with an established developer ecosystem instead of building similar capabilities internally.<\/span><\/p>\n

If the transaction closes as expected, Payward will offer businesses an increasingly comprehensive infrastructure stack spanning crypto trading, custody, tokenized assets, payments, fiat services, and embedded wallets through a unified platform. The acquisition highlights how competition in the cryptocurrency industry is shifting beyond retail trading toward providing the foundational infrastructure that supports the next generation of onchain financial applications.<\/span><\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Payward, the parent company of cryptocurrency exchange Kraken, has agreed to acquire the wallet-as-a-service business of Magic Labs, adding embedded non-custodial wallet technology used by more than 60 million users to its expanding enterprise infrastructure platform. Financial terms of the transaction were not disclosed. The companies said the acquisition is expected to close in the […]<\/p>\n","protected":false},"author":1,"featured_media":24415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[16],"tags":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/nftplazas.com\/wp-content\/uploads\/2026\/07\/1-41.jpg","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/24414"}],"collection":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/comments?post=24414"}],"version-history":[{"count":0,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/posts\/24414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media\/24415"}],"wp:attachment":[{"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/media?parent=24414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/categories?post=24414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nft.runfyers.com\/index.php\/wp-json\/wp\/v2\/tags?post=24414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}