Kraken Parent Company Payward Acquires Magic Labs Embedded Wallet Business

TechFlow reports, July 27: According to The Block, Magic Labs has sold its embedded wallet business to Payward, the parent company of cryptocurrency exchange Kraken, in a transaction structured as an asset sale.

Following the transaction, relevant wallet customers will be transferred to Payward Services, while Magic Labs will be renamed Newton Labs, focusing on developing the authorization layer Newton Protocol for on-chain finance. The company stated that it has created over 60 million wallets since 2018 and served more than 200,000 developers.

Meanwhile, Payward is continuing to expand its financial infrastructure landscape, having previously acquired Bitnomial, Reap Technologies, and NinjaTrader.