Kraken Parent Payward Acquires Magic Labs' Wallet Business
Summary
Payward, Kraken's parent, is buying Magic Labs' wallet-as-a-service business, adding non-custodial wallet tech to its B2B platform. The deal expands enterprise crypto infrastructure, letting businesses embed self-custodied wallets directly. Magic Labs' tech has powered over 60 million wallets and $10 billion in stablecoin transactions. Terms weren't disclosed, but the acquisition strengthens Kraken's institutional offering amid growing onchain demand. This follows a string of aggressive moves—$600M Reap Technologies buy, FIFA deal, and US derivatives launch—signaling a push to dominate crypto infrastructure ahead of a delayed 2027 public listing.
This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Cointelegraph.