PayPal invests in Magic’s Wallet as a Service solution

Magic Labsa crypto startup which offers a portfolio infrastructure serving giants such as Mattelhas just collected 52 million dollars.

The Californian Magic announced on Wednesday that it had completed a round of financing worth 52 million dollars. Led by the investment arm of online payments giant PayPal, the fundraising also includes the participation of Cherubic, KX, Northzone and Volt Capital.

Founded in 2018, the start-up presents itself as a non-depository wallet-as-a-service (WaaS) provider.. It enables companies to easily offer crypto wallets to their customers.

Mass adoption of Web3 is a hot topic, and Magic is facilitating this with a secure and simple solution. Magic’s wallet creation service offers businesses the opportunity to reach millions of users on their app,” commented Alan Du, Partner at PayPal Ventures, in a statement.

The software development kit from Magic Labs is now used by over 100,000 developers and has led to the creation of more than 20 million walletsaccording to the announcement.

The company, which serves large traditional firms such as Mattel but also Web3 players such as Immutable, plans to continue improving its product with the addition of new features. It also intends to strengthen its presence on the European continent and in Asia.

The WaaS solutions solutions are becoming increasingly numerous on the market. In March, the exchange Coinbase unveiled an offer in this field. More recently, France’s Dfns presented a “biometric” WaaS solution based on a face or fingerprint scan.

Magic Labs had previously raised $27 million in Series A funding from Northzone and others.

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